Octopus Renewables Infrastructure Trust PLC on Friday reported the acquisition of a sixth Irish solar site, providing the trust with ‘attractive potential’ for net asset value improvement.
The London-based investment company, focused on European and Australian renewable energy assets, reported the acquisition of a 32.6 megawatt solar site in Ireland, known as Irishtown, for around €27 million.
The acquisition has been made on a conditional basis through a forward purchase agreement, said Octopus Renewables, with it lifting its total complex capacity 14% to 274MW.
Irishtown represents the sixth project at the operational Ballymacarney complex, owned by Octopus Renewables.
The trust said it expects construction to begin soon, adding that the purchase is set to complete in cash following the completion of operational testing at the project.
Octopus anticipates completion occurring in the second half of next year.
‘The site will sell its additional electricity generated through a new long-term power purchase agreement with a US technology company. Irishtown will share the existing grid infrastructure that is already in place for the current five-site complex,’ said the trust.
Shares in Octopus Renewables rose 0.7% to 73.90 pence each on Friday in London.
Chair Phil Austin added: ‘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. This forward purchase reflects the opportunity to expand our presence at Ballymacarney in a cost-efficient manner using the site’s existing infrastructure, and provides ORIT with attractive potential for NAV per share accretion when compared with alternative uses of capital.’
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