Portfolio

Building a diversified portfolio of renewable energy assets

Renewable assets held

ORIT raised £350m for deployment in December 2019, and a further £150m and £74m was raised in July 2021 and December 2021, respectively. The table below lists the transactions that have been closed by the Investment Manager as at 30 June 2022:

Country	Technology	Date acquired	Status	Size (MW)	Assets	Key information
Sweden	Wind	10/03/2020	Operational	48	1	Operational as of 30 June 2021
UK	Solar PV	20/03/2020	Operational	123	8	ROC Subsidised
France	Solar PV	31/07/2020	Operational	120	14	FiT Subsidised
France	Wind	29/10/2020	Construction	24	1	Expected to be operational in H2 2022
Spain	Solar PV	01/10/2021	Conditional acquisition	175	4	Expected to be operational in early 2024
UK	Wind	24/09/2021	Construction	50	1	Expected to be operational in H2 2022
Ireland	Solar PV	26/07/2021	Conditional acquisition	250	5	Expected to be operational in H1 2023
Ireland	Developer	09/08/2021	n/a	n/a	1	Developer of sustainable marine projects focused on floating offshore wind
Poland	Wind	05/10/2021	Construction	59	2	Expected to be operational in H2 2021 and H1 2022
Finland	Wind	23/12/2021	Construction	71	2	Final stages of commissioning
UK (HQ)	Developer	24/12/2021	Developer	n/a	1	Developer focusing on onshore wind
Finland (HQ)	Solar PV / Wind	12/04/2022	Developer	n/a	1	Developer of Finnish Wind & Solar
UK	Offshore Wind	06/05/2022	Operational	21	1	ROC Subsidised
UK	Solar PV	13/06/2022	Consstruction	68	1	Expected to be operational in Q2 2023
UK	Battery	14/06/2022	Conditional Acquisition	n/a	1	Expected to be operational in Q2 2023
Total*				583	34

*Totals exclude conditional acquisitions in Spain, Ireland and Woburn Road Battery

Latest portfolio news

August 2022

RCF Increase

ORIT has extended its revolving credit facility (“RCF”) by utilising the accordion feature, bringing the total committed facility to £246m. ORIT’s increased RCF will be used to facilitate the investment into Crossdykes Onshore Wind Farm as well as other near-term pipeline opportunities.

August 2022

Investment in UK Onshore Wind Farm

ORIT is pleased to announce that it has entered into an agreement to acquire a 51% ownership interest in the Crossdykes Onshore Wind Farm (“Crossdykes”). Crossdykes, located in southern Scotland, was developed by Muirhall Energy and has been operational since June 2021.

June 2022

Acquisition of ready-to-build battery storage project

ORIT has entered into an agreement to acquire a 50% stake in a 12MW/24MWh ready-to-build battery storage project in Bedfordshire, UK, from Gridsource. The acquisition will be made alongside another Octopus managed fund, and is expected to complete by Q3 2022.

June 2022

Acquisition of ready-to-build solar PV project

ORIT is pleased to announce that it has acquired the Breach Solar Farm, (“Breach”) a c.68MW ready-to-build solar PV project in Cambridgeshire, UK, from AGR Renewables. The acquisition also gives the Company the right to construct a battery storage project which is expected to be ready-to-build later in 2022.

April 2022

Finnish Wind & Solar Development Platform

ORIT is pleased to announce that it has committed to invest up to €3.5 million (c. £2.9 million) to set up and fund Nordic Renewables Limited, a new development platform focused on renewable energy assets in Finland.

April 2022

Acquisition of Stake in Lincs Offshore Wind Farm

ORIT is pleased to announce that it has entered into an agreement to acquire a 7.75% ownership interest in the Lincs Offshore Wind Farm.

December 2021

Investment in UK onshore wind joint ventures

ORIT is pleased to announce that it has invested £2.5 million and agreed to provide up to a further £7.5 million in development funding for nine newly formed joint venture onshore wind farm development companies with Wind 2 Limited, a specialist UK onshore wind developer.

December 2021

Results of the Placing and REX Retail Offer

ORIT is pleased to announce the Company has successfully raised aggregate proceeds of approximately £73.9 million (net proceeds of approximately £72.4 million). Demand exceeded the maximum issue size and therefore a scaling-back exercise was carried out.

December 2021

Acquisition of Two Onshore Wind Farms in Finland

ORIT is pleased to announce the acquisition of two onshore wind farms in Finland that have a combined capacity of 71MW and are in the final stages of commissioning.

November 2021

Ljungbyholm Wind Farm Update – 10 Year PPA Signed

Following the completion of construction of the 48MW Ljungbyholm Wind Farm in Sweden in June 2021, ORIT is pleased to announce it has signed a PPA with Owens Corning, a global manufacturer, providing the Ljunybyholm wind farm with a 10-year floor price PPA for 100% of its production.

October 2021

Acquisition of Two Polish In-Construction Wind Projects

ORIT is pleased to announce that it has acquired two in-construction onshore wind farms in Poland from the PNE Group, an experienced German developer of wind projects across Europe. The sites will have a combined capacity of 58.8 MW once completed, will benefit from a high percentage of fixed price revenues under the Polish CfD scheme, until 2038.

August 2021

Investment in Floating Offshore Wind Developer

ORIT is pleased to announce that it has invested €7.5m (c.£6.4m) into Simply Blue Holdings Limited, the parent company of the Simply Blue Group (“SBG”). SBG is a developer of sustainable marine projects focused on floating offshore wind. ORIT’s investment, entitles it to a c. 12% interest in SBG.

July 2021

Conditional Acquisition of Irish Solar PV Sites

ORIT is pleased to announce that it has agreed to acquire a portfolio of five solar PV sites in Ireland that are expected to have an installed capacity of up to 250MW. Completion of the acquisition is conditional upon four of the sites becoming fully operational, which is expected to occur in H2 2022.