Company Announcements

29 July 2022

LEI: 213800B81BFJKWM2JV13

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

Q2 2022 Factsheet and Net Asset Value

The Board of Octopus Renewables Infrastructure Trust plc announces that the unaudited net asset value ("NAV") of the Company as at 30 June 2022 on a cum-income basis was £627.5 million or 111.1 pence per ordinary share. This is an increase of £40.0 million or 7.1 pence per ordinary share compared with 31 March 2022.

A significant portion of the uplift was driven by increases in short-term wholesale energy price forecasts, particularly in the UK, Sweden, Poland and Finland, where market prices have continued to increase since the previous valuation on 31 March 2022 and the Portfolio and NAV Update announcement released on 17 June 2022. Valuations of the Company's assets are based on forward wholesale energy prices for each jurisdiction as at 30 June 2022 and the most recent long-term forecasts from a number of third-party consultants received before 30 June 2022. The valuation includes an increased discount to baseload forward prices on the revenue that is not fixed in each market of 30% for 2022 and 2023, and 20% for 2024 and 2025 (20% for 2022 and 2023 for Nordic markets only as at 31 March 2022). The impact of updating wholesale energy price forecasts was +£17.2 million.

Following increases in the power price observed over recent months, the Company has fixed pricing on a significant portion of output for the remainder of 2022 and 2023 at the Saunamaa and Suolakangas wind farms in Sweden and Finland, and Penhale solar farm in the UK. These fixed power price agreements were secured at prices above forecast resulting in a valuation uplift of +£1.8 million. As at 30 June 2022, 60% of ORIT's forecast revenue over the 24-month period to 30 June 2024 is fixed (56% over the 24-month period to 31 March 2024 as at 31 March 2022). In addition, approximately 51% of the revenues forecast to be received by the Company's current portfolio of assets in the ten years ending 30 June 2032 is now explicitly inflation linked (with reference to UK RPI, French inflation and Polish CPI as applicable).

A gain (+£3.9 million) was recognised on the achievement of completion of construction at the Kuslin wind farm in Poland and completion of civil works and the installation of 7 out of 8 turbines at the Cerisou wind farm in France. All of the Company's assets currently under construction are expected to achieve operational status by the end of Q2 2023.

Since the end of Q1 2022, short-term inflation assumptions have increased further across the markets where the Company's portfolio of assets is located (+£16.3 million). The 30 June 2022 valuation includes (i) recent consensus UK inflation forecasts published by Her Majesty's Treasury in May 2022; and (ii) inflation forecasts for European countries published by the European Commission in May 2022.

Other valuation movements amounting to +£0.8 million, include movements in FX (incorporating the impact of hedging), the expected return on investments net of dividends paid, Company operating costs and transaction costs.

The Investment Manager continues to see strong appetite for renewable energy assets in its target geographies and no changes to market discount rates were made during Q2.

Factsheet

The Company's Q2 2022 factsheet is available to download at:

https://octopusrenewablesinfrastructure.com/investors/

For further information please contact:

Notes to editors

About Octopus Renewables Infrastructure Trust

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.

Further details can be found at www.octopusrenewablesinfrastructure.com

About Octopus Renewables

Octopus Renewables is the fund management specialist which is part of Octopus Energy's generation business. Octopus Renewables is one of Europe's largest investors in renewable energy, launched in 2010 with a mission to accelerate the transition to a future powered by renewable energy.

The team manages 3 GW of renewable energy assets like wind and solar farms worth over £4bn spanning eight countries. These renewable projects generate enough green energy to power two million homes every year, and is the equivalent of taking over 800,000 petrol cars off the road.

There is a significant opportunity to unblock much needed investment by building bespoke portfolios of renewable assets at scale, across technologies and countries, to create better outcomes for investors.

Further details can be found at www.octopusrenewables.com

Neither the content of any website referred to in this announcement nor the content of any website accessible from hyperlinks is incorporated into, or forms part of, this announcement.