13 December 2023

LEI: 213800B81BFJKWM2JV13

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

Completion of Polish Wind Farms sale

Further to the Company's announcement on 6 October 2023, the Board of ORIT is pleased to announce it has completed the sale of the Krzecin and Kuslin onshore wind farms in Poland to an affiliate of the Polish-based listed multi-energy company, ORLEN S.A. ("ORLEN") (the "Transaction"). Completion of the Transaction was subject to the receipt of competition approvals, which are now in place.

In total, following repayment of asset related debt and termination of FX and hedging arrangements, ORIT will receive net proceeds from the Transaction of approximately £92 million, at the top end of the Company's expectations upon entering into the sale agreement in October 2023. This represents a 21% premium over the holding value of the Krzecin and Kuslin wind farms of £76 million as at 30 September 2023, and a positive impact on NAV of approximately +2.8 pence per Ordinary Share*. Completion of the Transaction will realise an IRR of around 30% over the lifetime of ORIT's investment. The net proceeds will predominantly be used to repay ORIT's short-term debt facilities.

ORIT acquired the Krzecin and Kuslin wind farms when they were in the construction phase in October 2021. The Company managed the construction phases, successfully bringing the wind farms into operation in 2022. The two sites have a combined capacity of 59 MW, generating enough green power for well over 100,000 homes, and avoiding the equivalent of 150,000 tonnes of carbon dioxide emissions, every year.

This accretive sale is part of the Company's strategy to release capital through the sale of a small number of assets, and demonstrates the strength of the Company's portfolio and net asset value and strong appetite for renewable energy assets.

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented: "We are pleased to deliver the first result from our capital recycling programme with the successful sales of the Polish wind farms. This transaction is an excellent result for the Company, delivering a strong uplift to the Company's NAV. It demonstrates our Investment Manager's ability to manage the construction of new renewable energy assets, which help to accelerate the transition to net zero and also to deliver capital growth for shareholders through active asset and portfolio management."

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*The updated unaudited NAV and NAV per Ordinary Share as at 31 December 2023 will be calculated in accordance with the Company's valuation policy and are expected to be announced in February 2024. Shareholders should note that the calculation of the NAV and the NAV per Ordinary Share as at 31 December 2023 will take account of the latest valuations of all of the Company's investments as at 31 December 2023. As such, this announcement does not constitute or describe an updated NAV of the Company or NAV per Ordinary Share.

Notes to editors

About Octopus Renewables Infrastructure Trust

Octopus Renewables Infrastructure Trust ("ORIT") is a premium-listed, 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. As an impact fund, ORIT is helping accelerate the transition to net zero by investing in green energy, whilst also contributing to a broader set of UN Sustainable Development Goals through its impact initiatives. 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 13-year track record with approximately £6.0 billion of assets under management (AUM) (as of September 2023) across 16 countries and total 3.3GW. These renewable projects generate enough green energy to power 2.4 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