Response to Recent UK Government Announcements

22 April 2026

LEI: 213800B81BFJKWM2JV13

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

Statement in Response to Recent UK Government Announcements

Impact of Carbon Price Support removal estimated to be less than 0.5 pence per share

Increase in Electricity Generator Levy not expected to have a material impact

Octopus Renewables Infrastructure Trust PLC, the diversified renewables infrastructure company, today provides an update on the expected impact of the UK Government's plans to remove Carbon Price Support ("CPS"), alongside the wider energy policy measures announced yesterday.

Removal of Carbon Price Support

The Company notes the UK Government's announcement on 16 April 2026 of its intention to legislate for the removal of CPS with effect from April 2028. CPS is a UK-specific tax on fossil fuels used in electricity generation, designed to support a minimum carbon price. It has historically contributed to wholesale electricity prices in periods where carbon-emitting generation sets the marginal price.

The Company's valuation assumptions had already reflected an expectation that CPS would reduce over time and become less influential as renewable penetration increases.

Based on initial analysis, the removal of CPS is expected to reduce the forecast electricity price captured by the Company's UK assets (where no existing hedges are in place) by approximately £2-3/MWh from April 2028, with the impact declining over time. This analysis incorporates input from the external consultants which provide the power price forecasts used in the Company's valuations. The corresponding estimated impact on the Company's NAV is less than 0.5 pence per share, reflecting the Company's high level of fixed revenues and geographically diversified portfolio.

This assessment is preliminary and subject to refinement as updated power price forecasts are received.

Wider UK Energy Policy Announcements

The Company also notes the UK Government's broader package of energy policy measures announced on 21 April 2026, aimed at reducing the link between gas prices and electricity prices in Great Britain. These measures include:

· An increase in the rate of the Electricity Generator Levy ("EGL") from 45% to 55%

· The proposed introduction of voluntary long-term fixed price contracts for existing low-carbon generators, subject to consultation

Based on an initial assessment, the Company does not expect the change in the EGL rate to have a material impact on its valuation.

The proposed fixed price mechanism may provide an opportunity to secure additional long-term fixed revenues.

The Investment Manager will continue to monitor these developments closely and will update the market on any material valuation impacts as further information becomes available.

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Notes to editors

About Octopus Renewables Infrastructure Trust

Octopus Renewables Infrastructure Trust ("ORIT") is a closed-ended investment company incorporated in England and Wales admitted to the closed-ended investment funds category of the official list and to trading on the London Stock Exchange plc's main market for listed securities, 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. As an impact fund, ORIT is helping accelerate the transition to net zero by investing in green energy, whilst also contributing to a broader set of UN Sustainable Development Goals through its impact initiatives. ORIT's investment manager is Octopus Energy Generation. Further details can be found at www.octopusrenewablesinfrastructure.com. 

About Octopus Energy Generation

Octopus Energy Generation is driving the renewable energy agenda by building green power for the future. Its specialist renewable energy fund management team invests in renewable energy assets and broader projects helping the energy transition, across operational, construction and development stages. The team was set up in 2010 based on the belief that investors can play a vital role in accelerating the shift to a future powered by renewable energy. It has a 14-year track record with approximately £7.0 billion of assets under management (AUM) (as at 31 December 2025) across 21 countries and with a total c.4.9 GW capacity under management. Octopus Energy Generation is the trading name of Octopus Renewables Limited. Further details can be found at www.octopusenergygeneration.com.