The Board of ORIT 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."
