In a strategic move to bolster its renewable energy portfolio, Octopus Renewables Infrastructure Trust (ORIT), a subsidiary of Octopus Energy in the UK, has successfully acquired a 199MW solar complex near Dublin, Ireland. The €160 million ($172.5 million) transaction involved the purchase from Statkraft Ireland, the entity responsible for constructing the four solar farm projects. ORIT’s oversight ensured a smooth development process.
This acquisition elevates ORIT’s operational capacity to an impressive 735MW, strengthening its commitment to sustainable energy solutions. Financing for the deal included a debt facility of €80.6 million, with Allied Irish Banks and La Banque Postale playing crucial roles.
The solar farms are anticipated to generate ample green energy to power approximately 50,000 homes and offset an estimated 60,000 tonnes of carbon dioxide emissions annually. Notably, ORIT has successfully completed the acquisition of these newly-constructed solar farms, showcasing the company’s dedication to expanding its green energy initiatives.
Furthermore, ORIT is poised to add another feather to its cap with the imminent completion of a fifth site, totaling 42MW, expected to become operational in Q3 2024. Microsoft has demonstrated its commitment to sustainability by entering into a 15-year Power Purchase Agreement (PPA) with ORIT, securing a reliable source of electricity from the solar farms and ensuring a steady revenue stream for the foreseeable future. This forward-looking collaboration aligns with global efforts to transition towards cleaner energy alternatives.