2 February 2024
LEI: 213800B81BFJKWM2JV13
Octopus Renewables
Infrastructure Trust plc
("ORIT"
or the "Company")
Acquisition of Irish Solar
Farms
The Board of ORIT today announces that it has
completed the acquisition of four newly-constructed solar farms
located close to Dublin, Ireland.
The solar complex totals 199MW and was acquired
from Statkraft Ireland Limited, which developed and constructed the
projects under ORIT's oversight. Following the acquisition, ORIT's
total capacity of operational renewable energy assets reaches
735MW.
The sites generate enough green energy to power
around 50,000 homes and will avoid the equivalent of around 60,000
tonnes of carbon dioxide emissions every year.
The solar farms were originally subject to a
conditional agreement between ORIT and Statkraft Ireland Limited,
with completion subject to the sites becoming fully operational.
They entered commercial operations in late December 2023, following
which ORIT has now completed the acquisition. The total acquisition
cost of €160m was in part financed using a €80.6m debt facility
provided by Allied Irish Banks and La Banque Postale.
As announced in November 2022*, Microsoft has
entered into a 15-year Power Purchase Agreement (PPA) to offtake
the electricity produced at the solar farms, securing future
revenue for ORIT from the solar complex.
A nearby fifth site totalling 42MW is currently
under construction and is expected to become operational during Q3
2024. Under a similar arrangement to the first four sites, ORIT
will acquire this project once it becomes operational, expected to
be around Q3 2024, and this will be partly funded through an
increase to the debt facility by up to €25.8m, which has been
pre-agreed with the lenders.
Phil Austin, Chairman of Octopus Renewables
Infrastructure Trust plc, commented: "We are pleased to have
completed this substantial acquisition, which sees ORIT become the
owner of Ireland's largest solar complex which will deliver a
substantial amount of green electricity. Projects like this are
vital to accelerating the journey to net zero. We have been
delighted to partner with Statkraft as a highly experienced
developer and Microsoft as the
offtaker."
For
further information please contact:
Octopus Energy Generation (Investment Manager)
Chris Gaydon, David Bird
|
Via Buchanan
|
Peel Hunt (Broker)
Liz Yong, Luke Simpson, Huw Jeremy
(Investment Banking)
Alex Howe, Chris Bunstead, Ed
Welsby, Richard Harris, Michael Bateman (Sales)
|
020 7418 8900
|
Buchanan (Financial PR)
Charles Ryland, George
Beale
|
020 7466 5000
|
Apex Listed Companies Services (UK) Limited (Company
Secretary)
|
020 3327 9720
|
* Further information on Microsoft's support
for decarbonisation of Ireland's energy grid can be found
here.
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
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 £6.0 billion of assets under management (AUM)
(as of September 2023) across 16 countries and total 3.3GW. These
renewable projects generate enough green energy to power 2.4
million homes every year, the equivalent of taking over 1.2 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