Octopus Energy Regulatory News (ORIT)

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).

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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