Octopus Renewables Infrastructure Trust (ORIT) has completed the acquisition of a newly constructed 42MW solar farm near Dublin, Ireland. The solar farm joins four previously acquired operational sites, bringing the total capacity of the five-site complex to 241MW. This complex now contributes around 2.5% of Ireland's national target of 8GW of solar power by 2030.
The projects were developed and constructed by Statkraft Ireland under ORIT's oversight, with the acquisition occurring once the solar farms were fully operational. The total acquisition cost for the five sites amounted to €198 million, with €38 million attributed to the latest site. The transaction was partially financed by a €104 million debt facility, including €23 million specifically for this latest addition, provided by Allied Irish Banks and La Banque Postale.
The solar farms benefit from a 15-year power purchase agreement (PPA) with Microsoft, ensuring a stable revenue stream for ORIT. The renewable energy generated by these sites will provide enough electricity to power approximately 50,000 homes, helping avoid around 70,000 tonnes of carbon dioxide emissions annually.
Phil Austin, chairman of ORIT, commented on the acquisition, saying, “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.” He also emphasized the project's role in supporting Ireland's clean energy goals while delivering long-term value for shareholders and environmental benefits.
