Acquisition of Construction-Ready Wind Project

RNS Number : 5441D

Octopus Renewables Infra Trust PLC

29 October 2020

 

29 October 2020

LEI: 213800B81BFJKWM2JV13

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

Acquisition of Construction-Ready French Onshore Wind Project

IPO Proceeds now fully committed

Octopus Renewables Infrastructure Trust plc is pleased to announce that it has completed the acquisition of 100% of the Cerisou wind farm, a construction-ready onshore wind project in the Vienne department of France. The project has been acquired from RES SAS ("RES"), part of the RES Group, a leading worldwide developer, constructor and manager of renewable energy assets, for a total cash consideration of €56m (c. £50m), including future construction payments.  

Project construction will be carried out under a full-wrap contract by RES and is expected to be completed in the third quarter of 2022. Once operational, the wind farm will have 24MW of total capacity comprising of 8 turbines and will benefit from fixed, index-linked revenues for twenty years via the premium tariff under the demande de contrat de complément de remuneration ("DCCR") 2017 Contract for Difference regime.

The acquisition is the Company's fifth transaction following which the Company has now fully committed the proceeds from its IPO in December 2019.

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented:

"I am delighted to announce this fifth acquisition today, which signifies a milestone for ORIT with the full commitment of the IPO proceeds. Our manager has worked hard to identify compelling investment opportunities for the Trust and we have built a well-diversified portfolio for the Company."

Chris Gaydon, Investment Director at Octopus Renewables, commented:

"We are pleased to announce the acquisition of the Cerisou wind farm, which marks ORIT's first wind farm in France, leverages Octopus Renewables' experience in this market and meets our portfolio diversification goals. The French market is attractive to ORIT as long-term subsidies and political support continue to provide investment opportunities in new build renewable energy assets."

For further information please contact:

Octopus Investments Limited (Investment Manager) Matt Setchell, Chris Gaydon, David Bird	Via Buchanan
Peel Hunt (Broker) Liz Yong, Luke Simpson, Tom Pocock (Investment Banking) Alex Howe, Chris Bunstead, Ed Welsby (Sales)	020 7418 8900
Buchanan (Financial PR) Charles Ryland, Kelsey Traynor, Hannah Ratcliff	020 7466 5000
PraxisIFM ( Company Secretary )	020 7653 9690

Notes to editors

About Octopus Renewables Infrastructure Trust

Octopus Renewables Infrastructure Trust plc is a closed end 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. Octopus Investments Limited acts as the Investment Manager to the Company.

Further details can be found at www.octopusrenewablesinfrastructure.com

About Octopus Renewables

Octopus Renewables, part of Octopus Investments and the wider Octopus Group, is a specialist clean energy investment manager with a mission to accelerate the transition to a future powered by renewable energy. Since 2010, Octopus Renewables has, on behalf of its clients, invested in a diverse portfolio of assets with a capacity of over 2.5GW and is now the largest commercial solar investor in Europe and a leading UK investor in onshore wind. Octopus Renewables is co-led by Matt Setchell and Alex Brierley and has over 70 employees in the UK and Australia.

Further details can be found at www.octopusrenewables.com

Neither the content of any website referred to in this announcement nor the content of any website accessible from hyperlinks is incorporated into, or forms part of, this announcement.

 

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