Octopus Renewables Infrastructure Trust plc is pleased to announce that it has agreed to acquire a portfolio of solar PV sites in Ireland from Statkraft Ireland Limited ("Statkraft"). The portfolio consists of five sites near Dublin, Ireland that are expected to have an installed capacity of up to 250MW. These assets form part of the pipeline assets in exclusivity disclosed in the Company's prospectus dated 10 June 2021.
Completion of the acquisition ("Completion") is conditional upon four of the sites becoming fully operational, which is expected to occur in H2 2022. These four sites benefit from a Contract for Difference awarded as part of the Irish RESS-1 auction, providing fixed-price revenues until 2037. The fifth site, which is expected to have an installed capacity of up to 50MW, will be acquired on or after Completion as a construction ready project, conditional on the site securing a RESS Contract for Difference in a future Irish auction.
Total consideration for the acquisition is expected to be between approximately €138 million and €145 million (approximately £119 million to £125 million) which will, apart from any deferred consideration in respect of the fifth site, be payable on Completion. The Company has secured a fully amortising debt facility of up to €88 million (approximately £76 million) from Allied Irish Banks plc and La Banque Postale to part finance the acquisition of the operational sites.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented:
"I am delighted to announce ORIT's first acquisition in Ireland, with this significant portfolio of solar PV sites. This acquisition, coming shortly after completion of our recent fundraise, will extend our presence into a fifth country, providing further geographic and revenue diversification."
Chris Gaydon, Investment Director at Octopus Renewables, commented:
"Development of solar assets has picked up pace recently in Ireland, and the construction of these projects in Ireland will have a positive contribution to decreasing carbon emissions and helping Ireland on its path for a more renewable future. We are pleased to be working with Statkraft, the largest renewable energy producer in Europe, on this project."