REG - Octopus Renewables - Portfolio Update and Developer Investment

Octopus Renewables Infrastructure TrustAnnouncement

12/06/2024 07:15

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RNS Number : 0281S  Octopus Renewables Infra Trust PLC  12 June 2024

12 June 2024

 

LEI: 213800B81BFJKWM2JV13

 

Octopus Renewables Infrastructure Trust plc

 

("ORIT" or the "Company")

 

Portfolio Update and Developer Investment

 

The Board of Octopus Renewables Infrastructure Trust plc is pleased to provide
an update on the Company's construction and development activities.

 

Breach Solar Farm

 

The 67 MW Breach solar farm in Cambridgeshire, UK, is now undergoing the final
stages of its commissioning process. It has started exporting some electricity
to the grid and expects to reach full export generation capacity in June. The
asset has a 10-year power purchase agreement with Iceland Foods Limited, which
will offtake 100% of the production from the site at a fixed price linked to
UK inflation (CPI).

 

Ballymacarney Solar Farm Extension

 

In February 2024, ORIT acquired a 199MW complex of four newly constructed
solar farms close to Dublin, Ireland. A nearby 42 MW fifth site called
Harlockstown has now reached mechanical completion. Under existing agreements,
ORIT will acquire this project from Statkraft Ireland once it passes the set
of required performance and handover tests, which is expected in Q3 2024. Like
the first four sites, Microsoft will also be the off-taker for production from
the Harlockstown extension.

 

Simply Blue

 

Simply Blue Group is a renewable energy developer, headquartered in Ireland,
focused on developing floating offshore wind projects and complementary
technologies such as sustainable fuels. ORIT first invested in Simply Blue
Group in August 2021 and has now agreed to invest €7m into its current
funding round. Following this investment, ORIT will own c.20% of Simply Blue
Group. The new funding is structured as a convertible loan and is intended to
enable Simply Blue Group to continue developing its large pipeline of offshore
wind and sustainable fuels projects whilst it seeks to raise long-term
strategic funding to bring these projects through to the construction-ready
stage. The investment is being made alongside another fund managed by Octopus
Energy Generation, Sky (ORI SCSp) ("Sky") which is also investing €7m and
will also own 20% of Simply Blue.

 

HYRO

 

HYRO Energy Limited ("HYRO"), the joint venture between ORIT, Sky and
Renewable Energy Systems established to develop green hydrogen production
projects for industrial offtake/consumption, continues to make good progress.
HYRO is currently progressing with the Northfleet hydrogen production project,
which is expected to reach ready-to-build status in 2025, and it has also
entered two projects into the UK Government's second hydrogen allocation
support round ("HAR2"), with outcomes expected in Autumn 2024. This follows
the success of the Northfleet project in December 2023 in the first round
(HAR1).

 

 

For further information please contact:

 

 Octopus Energy Generation (Investment Manager)                                  Via Buchanan

 Chris Gaydon, David Bird

 Peel Hunt (Broker)                                                              020 7418 8900

 Liz Yong, Luke Simpson, Huw Jeremy (Investment Banking)

 Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris, Michael Bateman (Sales)

 Buchanan (Financial PR)                                                           020 7466 5000

 Charles Ryland, George Beale

 Apex Listed Companies Services (UK) Limited (Company Secretary)                  020 3327 9720

 

 

Notes to editors

 

About Octopus Renewables Infrastructure Trust

 

Octopus Renewables Infrastructure Trust ("ORIT") is a premium-listed,
closed-ended investment company incorporated in England and Wales focused
on providing investors with an attractive and sustainable level of income
returns, with an element of capital growth, by investing in a diversified
portfolio of renewable energy assets in Europe and Australia. As an impact
fund, ORIT is helping accelerate the transition to net zero by investing in
green energy, whilst also contributing to a broader set of UN Sustainable
Development Goals through its impact initiatives. ORIT's investment manager is
Octopus Energy Generation.

 

 

Further details can be found at www.octopusrenewablesinfrastructure.com
(http://www.octopusrenewablesinfrastructure.com/)

 

About Octopus Energy Generation

 

Octopus Energy Generation is driving the renewable energy agenda by building
green power for the future. Its specialist renewable energy fund management
team invests in renewable energy assets and broader projects helping the
energy transition, across operational, construction and development stages.
The team was set up in 2010 based on the belief that investors can play a
vital role in accelerating the shift to a future powered by renewable energy.
It has a 13-year track record with approximately £6.7 billion of assets under
management (AUM) (as of 31 March 2024) across 20 countries and total 4.0GW.
These renewable projects generate enough green energy to power 2.5 million
homes every year, the equivalent of taking over 1.5 million petrol cars off
the road. Octopus Energy Generation is the trading name of Octopus Renewables
Limited.

 

Further details can be found at www.octopusenergygeneration.com
(http://www.octopusenergygeneration.com/)

 

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