LONDON: Octopus Renewables Infrastructure Trust has entered into a Share Purchase Agreement (SPA) for the acquisition of a 100% interest in a portfolio of solar PV assets located in Southern Spain, with completion of the acquisition conditional on the assets becoming ready to build, a news release said.

The portfolio consists of 4 solar PV sites in Andalucia which are expected to be ready to build by January 2023. The assets will have a total installed capacity of 175 megawatt peak (‘MWp’) and are expected to become operational in early 2024.

The Company is not taking any development risk and under the terms of the SPA, will acquire the solar assets only once it is construction ready. The acquisition cost of the solar assets, including grid access rights, is €37.8 million, which will be due once the assets are construction ready.

With this acquisition, the Company has now committed 85% of the funds raised at IPO. The total cost of acquisition and construction of the Portfolio is expected to be c. €120 million (£110 million), including construction costs of c. €82 million (£75 million).

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented: “I am pleased to announce this acquisition, which demonstrates the geographic reach of our Investment Manager’s pipeline and is an important step towards further diversifying the Company’s portfolio of renewable energy assets as well as supporting the transition to reduce the impacts of climate change.”

Chris Gaydon, Investment Director at Octopus Renewables, commented: “We are delighted to have signed the SPA for this major acquisition in Southern Spain. This will be the fourth portfolio ORIT has acquired since listing late last year and is a significant addition to our current portfolio of renewable energy assets.”

Octopus Renewables Infrastructure Trust plc is a closed end 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. Octopus Investments Limited acts as the Investment Manager to the Company. www.octopusrenewablesinfrastructure.com

Octopus Renewables, part of Octopus Investments and the wider Octopus Group, is a specialist clean energy investment manager with a mission to accelerate the transition to a future powered by renewable energy. Since 2010, Octopus Renewables has, on behalf of its clients, invested in a diverse portfolio of assets with a capacity of over 2.6GW and is now the largest commercial solar investor in Europe and a leading UK investor in onshore wind. Octopus Renewables is co-led by Matt Setchell and Alex Brierley and has over 70 employees in the UK and Australia. www.octopusrenewables.com