Octopus takesover ownership of 122.8 MW UK solar portfolio

Octopus Renewables Infrastructure Trust plc has completed the acquisition of a 100% interest in a portfolio of solar PV assets located throughout the UK for an initial cash consideration of GBP144.3 million (US$168.8 million). The portfolio consists of eight fully operational solar PV assets, with a capacity of 122.8 MW, that qualify under the Renewable Obligation Certificate regime. The assets began operations between 2013 and 2015 and currently have an average remaining life of 23.5 years. The final consideration may be increased by up to GBP5.4 million (US$6.3 million) contingent on securing extensions to the current lease periods. The company will receive the economic benefit of all cash flows from the portfolio from 1 January 2020.

This portfolio forms part of the pipeline assets disclosed in the company's prospectus dated 19 November 2019 and was acquired from an entity managed by the company's investment manager, Octopus Investments Limited.