Octopus Renewables Infrastructure Trust (ORIT) has agreed to acquire a 33-megawatt solar project in Ireland, expanding its Ballymacarney solar complex by 14% to a total capacity of 274MW.
The €27 million forward purchase agreement covers the Irishtown project, currently under development by Statkraft. It marks the sixth site at the Ballymacarney complex, located in County Meath.
Under the terms of the deal, ORIT will assume full ownership and make payment upon the project’s completion and successful operational testing, which is expected in the second half of 2026. No capital outlay is required until that point, the company said.
“We remain acutely focused on disciplined capital allocation, and have been clear that new acquisitions will only be made where there is a compelling case to do so,” ORIT chair Phil Austin said. “This forward purchase reflects the opportunity to expand our presence at Ballymacarney in a cost-efficient manner using the site’s existing infrastructure.”
The project forms part of ORIT’s capital recycling strategy and supports its long-term objective of maintaining predictable cash flows. The Irishtown site will share grid infrastructure with the five existing sites and supply electricity under a new long-term power purchase agreement with a U.S.-based technology company.
“The new PPA sits well with ORIT’s well-established strategy of de-risking portfolio cashflows through securing long-term fixed revenue,” Austin added.
