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)
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
|
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 £6.7 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