Octopus Grabs Ireland's Largest Solar Complex, Boosts Renewable Portfolio

• Octopus Renewables Infrastructure Trust (ORIT) expands its renewable energy portfolio with the acquisition of four solar farms in Dublin, Ireland, bringing its total capacity to 735MW. Microsoft commits to a 15-year Power Purchase Agreement for the electricity generated. ORIT also plans to invest in offshore wind with a £3 billion fund.

Octopus Renewables Infrastructure Trust (ORIT) has completed the acquisition of four solar farms near Dublin, Ireland, with a total capacity of 199MW. The acquisition brings ORIT's portfolio of operational renewable energy assets to 735MW. The solar farms are estimated to provide enough clean energy for approximately 50,000 households and prevent around 60,000 tonnes of carbon dioxide emissions annually. The total acquisition cost was €160 million, partially financed through a debt facility facilitated by Allied Irish Banks and La Banque Postale. Microsoft has committed to a 15-year Power Purchase Agreement to procure the electricity generated by the solar farms.

In addition to the four solar farms, ORIT is also set to acquire a fifth site with a capacity of 42MW, which is currently under construction and expected to begin operations in Q3 2024. The company has launched the Octopus Energy Offshore Wind Fund with a £3 billion corpus to invest in offshore wind globally by 2030, with a focus on Europe. ORIT had previously acquired a portfolio of five Irish solar sites from Statkraft Ireland in 2021.

What is the capacity of the solar farms acquired by Octopus Renewables Infrastructure Trust?

• The four solar farms acquired by Octopus Renewables Infrastructure Trust near Dublin, Ireland have a total capacity of 199MW.
• This acquisition increases ORIT's portfolio of operational renewable energy assets to 735MW.
• The solar farms are estimated to provide enough clean energy for approximately 50,000 households.
• The acquisition is expected to prevent around 60,000 tonnes of carbon dioxide emissions annually.
• The total cost of the acquisition was €160 million.
• The acquisition was partially financed through a debt facility facilitated by Allied Irish Banks and La Banque Postale.
• Microsoft has committed to a 15-year Power Purchase Agreement to procure the electricity generated by the solar farms.
• ORIT is also set to acquire a fifth site with a capacity of 42MW, which is currently under construction and expected to begin operations in Q3 2024.
• ORIT has launched the Octopus Energy Offshore Wind Fund with a £3 billion corpus to invest in offshore wind globally by 2030, with a focus on Europe.
• ORIT had previously acquired a portfolio of five Irish solar sites from Statkraft Ireland in 2021.