TIDMORIT

RNS Number : 6194H

Octopus Renewables Infra Trust PLC

31 July 2023

31 July 2023

LEI: 213800B81BFJKWM2JV13

Octopus Renewables Infrastructure Trust plc

("ORIT", the "Company")

Investment into UK Solar and Battery Storage Development Business

Octopus Renewables Infrastructure Trust plc has agreed to invest up to GBP2m to set up and fund a new development business, focused on creating new ground-mounted solar PV and co-located battery storage assets in the UK.

ORIT will own 100% of the new company, which will benefit from exclusive development services from BLC Energy Limited ("BLCe"). BLCe is a newly formed specialist developer managed by a team of industry veterans with deep knowledge of the UK electricity grid, as well as significant experience in securing land for building new renewable energy projects.

ORIT will initially invest GBP0.7m, with an expected total investment of up to GBP2m to support the development costs of the business until the end of 2025. The new venture will target an initial pipeline of over 350MW of projects in development, with land rights and grid connection offers expected to be secured making the projects suitable for sale or further development.

ORIT will have the exclusive right to provide further funding to bring the initial pipeline to ready-to-build status between 2025 and 2029 by securing planning permissions and any other relevant consents, along with preferential rights to provide development funding to new pipeline identified by BLCe. ORIT will also have the option to build or sell all projects developed for the business by BLCe once ready-to-build.

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented: "This latest investment into a new development platform for solar PV and battery storage assets is an exciting addition to ORIT's portfolio. Investing in the early stages of creating new renewable energy projects brings huge growth opportunities for ORIT, both from value creation through successfully delivering projects, and from the exclusive opportunity to invest into the construction of the sites once they are ready to build.

"We are delighted to be working with BLC Energy to develop a large pipeline of impactful green energy projects that will help accelerate the energy transition and deliver clean, affordable, secure energy for decades to come."

For further information please contact:

 
Octopus Energy Generation (Investment Manager)           Via Buchanan 
 Chris Gaydon, David Bird 
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, Hannah Ratcliff, 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 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. 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 London-based, leading 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 12-year track record with approximately GBP6.0 billion of assets under management (AUM) (as of March 2023) across 13 countries and total 3.2GW. These renewable projects generate enough green energy to power 2.3 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

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