Octopus Renewables buys 4 Irish solar farms for €160m

Octopus Renewables Infrastructure Trust said it bought four newly-constructed solar farms located close to Dublin, Ireland for €160m.

The solar complex totals 199 megawatts and was acquired from Statkraft Ireland Limited. ORIT's total capacity of operational renewable energy assets is now 735MW.

The sites generate enough green energy to power around 50,000 homes and will avoid the equivalent of around 60,000 tonnes of carbon dioxide emissions every year, ORIT said on Friday.

Microsoft has entered into a 15-year power purchase agreement to take the electricity produced at the solar farms.

ORIT said it would also buy a nearby fifth site totalling 42MW - currently under construction and is expected to become operational during the third quarter of this year.

Reporting by Frank Prenesti for Sharecast.com