03 March 2023

LEI: 213800B81BFJKWM2JV13

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

Breach Solar Farm Update - 10 Year PPA Signed

Octopus Renewables Infrastructure Trust plc has entered into a Power Purchase Agreement (the "PPA") over the electricity to be generated at the Breach Solar Farm ("Breach"), a c.67 MW solar PV project in Cambridgeshire, UK. Breach, which was acquired in June 2022, is currently in construction and is expected to become operational in Q4 2023.

The counterparty to the PPA is Iceland Foods Limited ("Iceland"), a unique British food retailer with over 900 stores throughout the UK, a further 40 owned or franchised stores across Europe, and a global export business.

The Breach solar farm will provide c.64 Gigawatt hours (GWh) of energy every year to power 150 sites, which will cover 14% of Iceland Foods' electricity needs for its UK stores. This will reduce Iceland's emissions by nearly 22,955 tonnes of CO2 a year, equivalent to removing 12,590 petrol cars and planting 112,592 trees every year.

The PPA provides ORIT with a 10-year UK inflation (CPI) indexed price for 100% of Breach's production each year and will provide Iceland with green electricity for its operations in the UK. Iceland will be providing investment grade credit support for the PPA.

The PPA will increase the percentage of ORIT's forecast revenues which are fixed over the two years to 31 December 2024 to 71% and the percentage of forecast revenues which are index linked over the next 10 years to 31 December 2032 to 56%*. The PPA is expected to be NAV-accretive when compared with the power price assumptions included in the unaudited Net Asset Value as at 31 December 2022. This deal also further supports ORIT's dividend cover for the coming years.

Elsewhere in the portfolio, Cumberhead, the 50MW wind farm under construction in Scotland, which has a PPA with Kimberley Clark, recently participated in auctions for the UK Capacity Market, which provides payments to new electricity generators not participating in the Government's contract for difference scheme. Cumberhead was awarded capacity market contracts which will pay ORIT an inflation-linked revenue starting at over £200,000 per annum, from 2026 until 2041, as well as a single-year contract for 2023/24 also valued at over £200,000. This is more than double the assumptions used in the Q4 2022 valuations in each case. This revenue is in addition to the revenue expected to be received from Kimberley Clark under the PPA. The successful award of the capacity market contracts is expected to have a positive impact of c.£1 million on the Company's 31 March 2023 Net Asset Value**.

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented: "We're delighted to be partnering with Iceland Foods, a major British supermarket, through this corporate PPA. The Breach solar farm will provide enough energy for a significant portion of Iceland's UK stores - showing the vital role that renewables play in accelerating businesses' transitions to Net Zero."

*Approximately 56% of the revenues forecast in the period to 31 December 2032 are now explicitly inflation linked (with reference to UK CPI, UK RPI, French inflation, and Polish CPI).

**Investors should note that the information in this announcement does not constitute an updated NAV of the Company. The unaudited NAV as at 31 March 2023 will be calculated in accordance with the Company's valuation policy and is expected to be announced in May 2023. Shareholders should note that the calculation of the NAV as at 31 March 2023 will take account of the latest valuations of all of the Company's investments as at 31 March 2023. As such, this announcement does not constitute or describe an updated NAV of the Company.

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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 ("OEGEN") 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 £6 billion of assets under management (AUM) (as of January 2023) across 12 countries and total 3.2GW. These renewable projects generate enough green energy to power 2 million homes every year, the equivalent of taking over 800,000 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