Octopus Renewables acquires 42MW solar farm near Dublin

Octopus Renewables Infrastructure Trust (ORIT) announced on Thursday that it has completed the acquisition of a 42MW solar farm near Dublin, expanding its ownership of Ireland’s largest solar complex.

The London-listed firm said the new acquisition brought the total capacity of the five-site complex to 241MW, representing about 2.5% of Ireland’s national solar target of 8GW by 2030.

It said the projects were developed and constructed by Statkraft Ireland under ORIT’s oversight.

The total acquisition cost for the solar complex was €198m, with €38m paid for the latest site.

Part of the financing came from a €104m 20-year debt facility provided by Allied Irish Banks and La Banque Postale, with €23m allocated to the new acquisition.

A 15-year power purchase agreement (PPA) with Microsoft ensured the complex’s future revenue, with the technology company purchasing the electricity generated.

Following the acquisition, ORIT’s total operational renewable energy capacity now stood at 802MW, generating enough clean energy to power 50,000 homes and preventing around 70,000 tonnes of carbon dioxide emissions annually.

“We are delighted to have completed on the fifth solar site following its energisation, underscoring our continued commitment to increasing green electricity generation through renewable infrastructure projects,” said chairman Phil Austin.

“This solar complex will play a crucial role in providing sustainable electricity to Ireland to help it meet its clean energy goals and represents a step forward in our mission to deliver long-term value for our shareholders and positive environmental impact.”

At 0935 BST, shares in Octopus Renewables Infrastructure Trust were down 0.65% at 77.39p.

Reporting by Josh White for Sharecast.com.