Acquisition of Two In-Construction Wind Projects

RNS Number : 9723N

Octopus Renewables Infra Trust PLC

05 October 2021

 

5 October 2021

LEI: 213800B81BFJKWM2JV13

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

Acquisition of Two In-Construction Polish Onshore Wind Projects

Octopus Renewables Infrastructure Trust plc is pleased to announce that it has acquired two in-construction onshore wind farms in Poland from the PNE Group, an experienced German developer of wind projects across Europe.

The "Krzecin" and "Kuslin" wind farms, with a combined capacity of 58.8 MW once completed, will benefit from a high percentage of fixed price revenues under the Polish CfD scheme, until 2038.

Construction of the "Krzecin" wind farm in the north-west of Poland and the "Kuslin" wind farm in western Poland commenced in Q4 2020 and these projects are expected to be commissioned in Q4 2021 and in mid-2022 respectively.

Total investment amount including debt funding for both projects is expected to be PLN 568m (c.£105m). The projects are financed by the European Bank for Reconstruction and Development and BayernLB.

Onshore wind capacity in Poland reached 5.9 GW by 2019, and has been growing since following the success of the CfD scheme introduced in 2018. Poland also has ambitious plans for growing its offshore wind and solar sectors over the coming years.

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

"I am pleased to announce ORIT's first investment in Poland, adding further geographical diversity to the Company's portfolio. This is the third transaction announced since completing the fundraise in July, highlighting our Investment Manager's ability to invest the capital into its attractive and extensive pipeline of renewable infrastructure projects."

Chris Gaydon, Investment Director at Octopus Renewables, commented:

"We are delighted to have completed this acquisition and to have developed a strong relationship with a highly experienced developer. These projects benefit from attractive government-backed fixed revenues, in a market which is set to experience significant growth in renewable capacity over the coming years."

For further information please contact:

Octopus Renewables Limited (Investment Manager) Matt Setchell, Chris Gaydon, David Bird	Via Buchanan
Peel Hunt (Broker) Liz Yong, Luke Simpson, Huw Jeremy, Tom Pocock (Investment Banking) Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris (Sales)	020 7418 8900
Buchanan (Financial PR) Charles Ryland, Hannah Ratcliff, George Beale	020 7466 5000
PraxisIFM ( Company Secretary )	020 4513 9260

Notes to editors

About Octopus Renewables Infrastructure Trust

Octopus Renewables Infrastructure Trust plc 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.

Further details can be found at www.octopusrenewablesinfrastructure.com

About Octopus Renewables

Octopus Renewables is a specialist clean energy investor. Launched in 2010 its mission is to accelerate the transition to a future powered by renewable energy. It has a diverse portfolio of assets with a capacity of over 2.8GW, making it the largest commercial solar investor in Europe and a leading investor in onshore wind.

Octopus Renewables is also leading the next wave of renewables being built without government subsidies. There is a significant opportunity to unblock much needed investment by building bespoke portfolios of renewable assets at scale, across technologies and countries, to create better outcomes for our investors.

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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