Octopus Renewables to get up-to-250-MW Irish solar portfolio from Statkraft

• Octopus Renewables Infrastructure Trust plc (LON: ORIT) has accepted acquire a portfolio of five solar projects in Ireland with a capacity of as much as 250 MW from Statkraft Ireland Ltd

The UK capitalist will pay between EUR 138 million (USD 162m) as well as EUR 145 million for the photovoltaic or pv (PV) websites, which lie near Dublin.

The procurement will certainly be completed once 4 of the projects come to be fully functional, possibly in the second half of 2022. The 5th website, with an expected capacity of as much as 50 MW, will certainly be obtained as a construction-ready project on or after completion of the procurement if it acquires a Renewable Electricity Support Scheme (RESS) Contract for Difference (CfD) in a future Irish auction.

The four various other projects will gain from fixed-price incomes up until 2037 under a CfD from the RESS-1 auction.

The acquisition of the functional websites will be part-financed through a totally amortising debt facility of up to EUR 88 million from Allied Irish Banks plc and La Banque Postale.

The possessions are part of an exclusivity pipeline revealed in ORIT's prospectus last month for its GBP-100-million (USD 138m/EUR 117m) share concern that was ultimately raised to GBP 150 million. The company said after that it has exclusivity relative to GBP 256 million well worth of properties.

This is ORIT's very first procurement in Ireland and diversifies its presence right into a fifth country.