Acquisition of Irish Solar Farm
17 October 2024
LEI: 213800B81BFJKWM2JV13
Octopus Renewables Infrastructure Trust plc
("ORIT" or the "Company")
Acquisition of Irish Solar Farm
The Board of ORIT today announces that the Company has completed the acquisition of a newly constructed 42MW solar farm located close to Dublin, Ireland.
Together with the four nearby operational solar farms acquired by the Company earlier this year, the five-site solar complex now totals 241MW and is the largest solar complex in Ireland and will meet around 2.5% of the Irish national solar target of 8GW by 2030. The sites were acquired once fully operational from Statkraft Ireland Limited, which developed and constructed the projects under ORIT's oversight.
The total acquisition cost, including this fifth site of €198m (c. €38m relating to the incremental site), was in part financed using the €104m (c. €23m relating to the additional drawdown for the incremental site) 20-year debt facility provided by Allied Irish Banks and La Banque Postale.
As previously announced, the site benefits from a 15-year Power Purchase Agreement (PPA) with Microsoft* to offtake the electricity produced at the solar farms, securing future revenue for ORIT from the solar complex.
Following the acquisition, ORIT's total capacity of operational renewable energy assets is 802MW**. Together the sites generate enough green energy to power around 50,000 homes and will avoid the equivalent of around 70,000 tonnes of carbon dioxide emissions every year.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented:
"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. This solar complex will play a crucial role in providing sustainable electricity to Ireland to help it meet its clean energy goals and represents a step forward in our mission to deliver long-term value for our shareholders and positive environmental impact."
For further information please contact:
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Octopus Energy Generation (Investment Manager) Chris Gaydon, David Bird
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Via Buchanan |
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Peel Hunt (Broker) Liz Yong, Luke Simpson, Huw Jeremy (Investment Banking) Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris, Michael Bateman (Sales)
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020 7418 8900 |
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Buchanan (Financial PR) Charles Ryland, George Beale
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020 7466 5000 |
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Apex Listed Companies Services (UK) Limited (Company Secretary) |
020 3327 9720 |
* Further information on Microsoft's support for decarbonisation of Ireland's energy grid can be found here.
** Excludes MW related to the Ljungbyholm onshore wind farm in Sweden for which the sale was completed during Q3 2024.
Notes to editors
About Octopus Renewables Infrastructure Trust
Octopus Renewables Infrastructure Trust ("ORIT") is a London-listed, closed-ended investment company incorporated in England and Wales focused on providing investors with an attractive and sustainable level of income returns, with an element of capital growth, by investing in a diversified portfolio of renewable energy assets in Europe and Australia. As an impact fund, ORIT is helping accelerate the transition to net zero by investing in green energy, whilst also contributing to a broader set of UN Sustainable Development Goals through its impact initiatives. ORIT's investment manager is Octopus Energy Generation.
Further details can be found at www.octopusrenewablesinfrastructure.com
About Octopus Energy Generation
Octopus Energy Generation is driving the renewable energy agenda by building green power for the future. Its specialist renewable energy fund management team invests in renewable energy assets and broader projects helping the energy transition, across operational, construction and development stages. The team was set up in 2010 based on the belief that investors can play a vital role in accelerating the shift to a future powered by renewable energy. It has a 13-year track record with approximately £6.7 billion of assets under management (AUM) (as of 31 March 2024) across 20 countries and total 4.0GW. These renewable projects generate enough green energy to power 2.5 million homes every year, the equivalent of taking over 1.5 million petrol cars off the road. Octopus Energy Generation is the trading name of Octopus Renewables Limited.
Further details can be found at www.octopusenergygeneration.com
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