Octopus Renewables Infrastructure Trust (ORIT) has completed the acquisition of a 42MW solar farm near Dublin, Ireland.
This addition brings ORIT’s five-site solar complex in the area to a total capacity of 241MW, making it the largest in Ireland. The complex is expected to contribute approximately 2.5% towards Ireland’s national solar target of 8GW by 2030.
The total acquisition cost for the five-site complex was €198 million, with €38 million attributed to this latest addition. Financing included a €104 million 20-year debt facility, of which €23 million was used for the new site.
The solar farm benefits from a 15-year Power Purchase Agreement with Microsoft. With this acquisition, ORIT’s total operational renewable energy capacity reaches 802MW, capable of powering about 50,000 homes and reducing carbon dioxide emissions by around 70,000 tonnes annually.
“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,” said Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc.
“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.”