Update on construction and development activities of Octopus Renewables Infrastructure Trust Plc

Octopus Renewables Infrastructure Trust plc has provided an update on its construction and development activities, showcasing progress in various renewable energy projects.

The Breach Solar Farm in Cambridgeshire, UK, a 67 MW project, is in the final stages of commissioning. The site has begun exporting electricity to the grid and is expected to reach full export generation capacity by June. With a 10-year power purchase agreement in place with Iceland Foods Limited, the farm will supply 100% of its production at a fixed price linked to UK inflation (CPI).

In February 2024, the company acquired a 199 MW complex of solar farms near Dublin, Ireland, including the 42 MW fifth site called Harlockstown. Upon passing required performance and handover tests, Octopus Renewables Infrastructure Trust will acquire the Harlockstown extension from Statkraft Ireland in Q3 2024. Microsoft has also signed on as the off-taker for production from this project, continuing existing agreements with the first four sites.

Octopus Renewables Infrastructure Trust’s investment in Simply Blue Group, an Irish renewable energy developer focused on floating offshore wind projects and sustainable fuels, has amounted to €7 million in the current funding round. With this investment, the company will own approximately 20% of Simply Blue Group. The funding, structured as a convertible loan, aims to support Simply Blue Group in developing its pipeline of offshore wind and sustainable fuels projects, while also securing long-term strategic funding for future construction-ready stages. Partnering with another fund managed by Octopus Energy Generation, Sky (ORI SCSp), which is also investing €7 million and acquiring a 20% stake in Simply Blue, further bolsters the initiative.

In the green hydrogen sector, the joint venture HYRO Energy Limited, established by ORIT, Sky, and Renewable Energy Systems, is moving forward with the Northfleet hydrogen production project. Expected to be ready for construction in 2025, HYRO has also submitted two projects for consideration in the UK Government’s second hydrogen allocation support round, with outcomes anticipated in Autumn 2024. This progress follows the successful submission of the Northfleet project in the first round (HAR1) in December 2023.