Octopus Renewables Infrastructure Trust plc

Conditional Acquisition of UK Solar Project

Octopus Renewables Infrastructure Trust plc, the diversified renewables infrastructure company, today announces that it has signed a conditional agreement to acquire Barnsdale Solar Park (“Barnsdale”) from OnPath Energy, one of the UK’s leading onshore renewable energy developers.

Barnsdale is a 55 MWp solar project located in West Yorkshire and is currently under construction. Once operational, it is expected to generate clean electricity equivalent to the annual needs of approximately 19,000 homes. The project is being delivered by Goldbeck Solar, with whom ORIT has an existing relationship.

Barnsdale has been awarded a fixed price, CPI-linked government-backed Contract for Difference (“CfD”) running until 2041. The acquisition by the Company is conditional upon the site meeting the relevant requirements ahead of the CfD commencement deadline, which we expect to be satisfied in March 2027. The total acquisition price, including remaining construction costs, will amount to approximately £34.6 million.

The acquisition of Barnsdale is expected to contribute positively to ORIT’s 9-11% medium- to long-term total return target under the ORIT 2030 strategy. The Company continues to pursue further construction-stage investment opportunities alongside asset sales, as part of its capital recycling programme.

David Bird and Chris Gaydon, co-fund managers of ORIT, commented: “The ORIT 2030 strategy is focused on building long-term shareholder value through disciplined capital allocation. Barnsdale is a good example of this approach. The agreed terms are attractive and the project is expected to deliver a return consistent with the ORIT 2030 targets, while the purchase structure carefully manages the remaining construction and delivery risk.

“Once the acquisition completes, Barnsdale will add further scale to our UK solar portfolio and its contracted revenues are expected to contribute to dividend cover from FY 2027 onwards.

“We are pleased to be investing at this stage of the project, with construction progressing well and Goldbeck Solar, who built ORIT’s Breach solar farm, bringing its strong track record to bear on its delivery. The acquisition also establishes a new relationship with OnPath Energy that may lead to similar opportunities in the future.”

Phil Austin, Chair of ORIT, commented: “Barnsdale Solar Park offers an attractive risk-adjusted return, supported by fixed price, CPI-linked revenues that will increase the contracted proportion of the portfolio and provide long-term cash flow visibility.

“The acquisition reflects the selective and disciplined approach to capital allocation underpinning ORIT 2030 and demonstrates the type of selective investment opportunity we continue to pursue as part of our capital recycling programme.”