Conditional Acquisition of Sixth Irish Solar Site
20th June 2025
LEI: 213800B81BFJKWM2JV13
Octopus Renewables Infrastructure Trust plc
("ORIT" or the "Company")
Conditional Acquisition of Sixth Irish Solar Site
Octopus Renewables Infrastructure Trust plc, the diversified renewables infrastructure company, today announces that it has agreed to conditionally acquire, through a forward purchase agreement, a 32.6MW solar site in Ireland for approximately €27 million. This is the sixth project at the operational Ballymacarney complex that ORIT already owns. The additional site, known as Irishtown, will increase the total complex capacity by 14% to 274MW.
Construction will commence shortly, with ORIT completing the purchase for the entire cash consideration after the project has completed operational testing. Completion is expected to take place in the second half of 2026 and no capital will be required to be paid by the Company until then. This acquisition is in line with ORIT's stated disciplined capital allocation policy, to make selected accretive investments as part of its ongoing capital recycling programme.
Irishtown, like the other five sites at Ballymacarney, has been developed by Statkraft, a leading renewable energy developer and operator with which ORIT has worked before. The site will sell its additional electricity generated through a new long-term power purchase agreement ("PPA") with a US technology company. Irishtown will share the existing grid infrastructure that is already in place for the current five-site complex.
Phil Austin, Chair of Octopus Renewables Infrastructure Trust plc, commented:
"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.
"The new PPA sits well with ORIT's well-established strategy of de-risking portfolio cashflows through securing long-term fixed revenue. We look forward to working with Statkraft through the construction process and building on the ongoing relationship that we have with them through the asset management arrangement at Ballymacarney."
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Octopus Energy Generation (Investment Manager) Chris Gaydon, David Bird Charlotte Edgar (Investor Relations)
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Via Burson Buchanan or orit@octopusenergygeneration.com
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Peel Hunt (Broker) Luke Simpson, Liz Yong, Huw Jeremy (Investment Banking) Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris
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020 7418 8900 |
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Burson Buchanan (Financial PR) Charles Ryland, Nick Croysdill, Jude Stokes |
020 7466 5000 |
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Apex Listed Companies Services (UK) Limited (Company Secretary) |
020 3327 9720 |
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 14-year track record with approximately £6.8 billion of assets under management (AUM) (as of 31 December 2024) across 18 countries and total 4.5GW. These renewable projects generate enough green energy to power 2.6 million homes every year, the equivalent of taking over 1.4 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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