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Octopus Renewables Infrastructure Trust PLC on Friday said it has completed the acquisition of four newly-constructed solar farms located close to Dublin, Ireland.
The London-headquartered closed-ended investment company said the solar complex totals 199 megawatts and was acquired from Statkraft Ireland, which developed and constructed the projects under ORIT’s oversight.
Following the acquisition, ORIT’s total capacity of operational renewable energy assets is now 735MW.
The total acquisition cost of €160 million was in part financed using a €80.6 million debt facility provided by Allied Irish Banks and La Banque Postale.
Chair Phil Austin commented: ‘We are pleased to have completed this substantial acquisition, which sees ORIT become the owner of Ireland’s largest solar complex, which will deliver a substantial amount of green electricity. Projects like this are vital to accelerating the journey to net-zero. We have been delighted to partner with Statkraft as a highly experienced developer and Microsoft as the offtaker.’
Shares in ORIT were up 0.6% to 84.66 pence each in London on Friday morning.
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