Acquisition of Two Onshore Wind Farms in Finland

RNS Number : 6868W

Octopus Renewables Infra Trust PLC

24 December 2021

 

24 December 2021

LEI: 213800B81BFJKWM2JV13

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

Acquisition of Two Onshore Wind Farms in Finland

Octopus Renewables Infrastructure Trust plc is pleased to announce that it has exercised the call option announced in October 2021 and completed the acquisition of two onshore wind farms in Finland. The total consideration for the acquisition, including the option deposit and funding for the final construction payments was approximately €140 million.

The Saunamaa and Suolakangas wind farms have a combined installed capacity of 71.4MW, and are in the final stages of commissioning. The acquisition agreement passes the residual construction cost and timing risks associated with commissioning to the vendor.

The sites are expected to generate sufficient energy to power over 45,000 Finnish homes, avoiding the equivalent of 68,000 tonnes of carbon dioxide emissions per annum.

These sites were acquired from an entity for which the Company's investment manager, Octopus Renewables Limited, provides asset management services.

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

"We are pleased to complete this transaction in Finland, acquiring two onshore wind farms, Saunamaa and Suolakangas, expanding our reach into an exciting new European territory. It is especially attractive due to the near term completion of the assets, and the further geographic diversification the acquisition brings to our portfolio."

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 (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
Sanne Fund Services (UK) Limited ( Company Secretary )	020 3327 9720

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.

 

END

 

 

ACQMZMZZNFNGMZM