Octopus Renewables Infra Trust PLC Investment into UK Solar Development Business (6194H)
31 Luglio 2023 - 8:00AM
UK Regulatory
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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