Octopus Renewables Infrastructure Trust (ORIT) has agreed to acquire a 33MW solar site in Ireland, expanding its Ballymacarney complex by 14% to 274MW.
The €27m forward purchase deal covers the Irishtown project, the sixth solar site at the operational complex, which is being developed by Statkraft.
Construction will begin shortly, with ORIT to take full ownership and pay the cash consideration following completion of operational testing, expected in the second half of 2026.
No capital is required until completion.
The deal forms part of ORIT’s capital recycling programme and adheres to its policy of disciplined capital allocation.
Chair Phil Austin (pictured) said: “We remain acutely focused on disciplined capital allocation, and have been clear that new acquisitions will only be made where there is a compelling case to do so.
“This forward purchase reflects the opportunity to expand our presence at Ballymacarney in a cost-efficient manner using the site’s existing infrastructure.”
Irishtown will share grid infrastructure with the other five sites and supply electricity under a new long-term power purchase agreement with a US technology company.
Austin added: “The new PPA sits well with ORIT’s well-established strategy of de-risking portfolio cashflows through securing long-term fixed revenue.”