Octopus Renewables acquires 14 French solar ranches for $69.7 m.

Jul 31, 2020 09:28 PM ET
  • Energy supply firm Octopus Renewables Infrastructure has acquired 14 solar photovoltaic or pv (PV) farms in France.
Octopus Renewables acquires 14 French solar ranches for $69.7 m.
Image: power-technology.com

The business paid $69.7 m (EUR58.9 m) for 14 assets with overall generating capacity of 119.5 MW. These have nameplate capacities between 4.6 MW and also 12GW, and also started functioning in between 2013 and 2015. Octopus stated in a declaration that they have an average of 27.3 years of life-span remaining. All the solar ranches obtain the French feed-in tariff, with approximately 12.7 years of it remaining.

Hamburg Commercial Bank financed the profile with $117m (EUR99m).

Executives discuss Octopus Renewable's recent solar growth.

Chairman of Octopus Renewables Infrastructure Phil Austin stated: "I am delighted to announce the procurement of this profile of subsidised French solar farms, expected to produce enough electricity to power the matching of 48,000 French houses every year.

" With this procurement we have currently devoted around 75% of the funds elevated at our preliminary public share offering, and also have actually opened up a 3rd market for the business, noting a further action towards constructing a diversified portfolio of renewable energy possessions.

" It is especially pleasing that the Octopus Renewables group have had the ability to proceed originating and transacting on high quality bargain flow throughout the Covid crisis.".

The company marketed its very first public shares in December in 2015. Since then, its share price has actually dipped and also climbed, currently sitting 7% above its opening price.