19 January 2024

LEI: 213800B81BFJKWM2JV13

Octopus Renewables Infrastructure Trust plc    

("ORIT" or the "Company")

Successful exit from Spanish solar projects

ORIT has elected to terminate its option to acquire 175MW of ready-to-build solar projects in Spain. ORIT originally entered into a conditional acquisition agreement over the sites in 2020, however, having reassessed the projects on a risk-adjusted basis and taking into account the Company's approach to capital allocation, exiting the option at a value above the Company's holding value was a more attractive proposition than committing to the construction.

ORIT has been refunded its initial deposit paid and has in addition negotiated a termination payment from the vendor. This has resulted in a net gain on the investment of approximately £3.0m over the €2.0m initial deposit or approximately £1.5m over the £3.2m holding valuation of the option at Q3 2023, equivalent to a positive NAV impact of approximately +0.3 pence per Ordinary Share compared with the valuation of the option at 30 September 2023*.

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented: "Exiting this option demonstrates ORIT's ability to remain flexible as market conditions change and reflects our disciplined approach to capital allocation, allowing us to capitalise on opportunities to enhance value for shareholders when the right deals arise."

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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 later in January 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 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