Option to Acquire 2 Finnish Onshore Wind Projects
29 October 2021
LEI: 213800B81BFJKWM2JV13
Octopus Renewables Infrastructure Trust plc
("ORIT" or the "Company")
Option to Acquire Two Onshore Wind Projects in Finland
Octopus Renewables Infrastructure Trust plc is pleased to announce that it has entered into a call option agreement for the acquisition of two onshore wind farms in Finland. In connection with the option agreement the Company has paid a deposit of £45 million, which is interest bearing and will be refundable should the acquisition not complete.
The Saunamaa and Suolakangas wind farms have a combined installed capacity of 71.4MW, and are in the final stages of commissioning. The acquisition under the option agreement is expected to take place in late 2021.
These sites form part of the pipeline assets under exclusivity disclosed in the Company's prospectus dated 10 June 2021, and are currently owned by 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 delighted to announce our first transaction in Finland with this option agreement over the Saunamaa and Suolakangas sites, which will add further geographic and technological diversification to our portfolio."
Chris Gaydon, Investment Director at Octopus Renewables, commented:
"We are really pleased to announce the Company's plans to acquire these wind projects in Finland, especially due to their near-term completion, contributing two high quality, income generating assets to the portfolio. We look forward to updating the market on the progression of the option agreement in due course."
For further information please contact:
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Octopus Renewables Limited (Investment Manager) Matt Setchell, Chris Gaydon, David Bird
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Via Buchanan |
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Peel Hunt (Broker) Liz Yong, Luke Simpson, Huw Jeremy (Investment Banking) Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris (Sales)
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020 7418 8900 |
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Buchanan (Financial PR) Charles Ryland, Hannah Ratcliff, George Beale
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020 7466 5000 |
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PraxisIFM ( Company Secretary )
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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
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