ORIT Acquires Ireland's Largest Solar Complex, Secures Microsoft PPA

• Octopus Renewables Infrastructure Trust (ORIT) expands its renewable energy portfolio with the acquisition of four solar farms in Ireland, totaling 199MW, bringing its total capacity to 735MW.

Octopus Renewables Infrastructure Trust (ORIT) has closed a deal to acquire four newly constructed solar farms in Ireland, totaling 199MW, from Statkraft Ireland. The acquisition brings ORIT's total capacity of operational renewable energy assets to 735MW. The solar farms entered commercial operations in late December 2023, and the acquisition was completed following their full operational status. The total acquisition cost of €160m was partly financed through a €80.6m debt facility provided by Allied Irish Banks and La Banque Postale. Microsoft has entered into a 15-year power purchase agreement to buy the electricity produced at the solar farms.

Additionally, a fifth site with a capacity of 42MW is currently under construction and is expected to become operational in Q3 2024. ORIT will acquire this project once it becomes operational, with an increase to the debt facility of up to €25.8m, which has been pre-agreed with the lenders. ORIT Chairman Phil Austin stated that the acquisition makes ORIT the owner of Ireland's largest solar complex and highlights the importance of projects like this in accelerating the journey to net zero.

What is the significance of Octopus Renewables Infrastructure Trust's acquisition of solar farms in Ireland?

• The acquisition of four newly constructed solar farms in Ireland by Octopus Renewables Infrastructure Trust (ORIT) is a significant move in expanding their portfolio of operational renewable energy assets.
• The total capacity of the acquired solar farms is 199MW, which adds to ORIT's existing capacity and brings their total operational renewable energy assets to 735MW.
• The solar farms entered commercial operations in late December 2023, indicating that they are already generating renewable energy.
• The acquisition was completed after the solar farms achieved full operational status, ensuring that they were fully functional and capable of producing electricity.
• The total acquisition cost of €160m was partly financed through a €80.6m debt facility provided by Allied Irish Banks and La Banque Postale, indicating the financial commitment and support for renewable energy projects.
• Microsoft has entered into a 15-year power purchase agreement to buy the electricity produced at the solar farms, demonstrating the demand for renewable energy from major corporations.
• A fifth solar farm with a capacity of 42MW is currently under construction and is expected to become operational in Q3 2024. ORIT has already secured a pre-agreed increase to the debt facility of up to €25.8m to acquire this project once it becomes operational.
• The acquisition of these solar farms makes ORIT the owner of Ireland's largest solar complex, highlighting their commitment to renewable energy development in the country.
• ORIT Chairman Phil Austin emphasized the importance of projects like this in accelerating the journey to net zero, indicating the significance of the acquisition in contributing to Ireland's renewable energy goals.