Octopus Renewables Infrastructure Trust PLC (LSE:ORIT) has agreed to acquire ‘Irishtown’, a new 32.6 MW solar farm in Ireland for approximately €27 million.
The Irishtown site is the sixth at the Ballymacarney complex, in County Meath.
It will expand the capacity of Ballymacarney, already owned by ORIT, by 14 % to 274 MW.
Construction is slated to start soon, with the project delivered by Statkraft. And the transaction schedule will see the deal complete after operational testing, expected in the second half of 2026.
Power generated at Ballymacarney is sold under a 15-year renewable energy supply deal with Microsoft.
"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,” said ORIT chair Phil Austin, who described the deal as a ‘cost-efficient opportunity’.
“[The acquisition] provides ORIT with attractive potential for NAV per share accretion when compared with alternative uses of capital,” Austin added.
"The new PPA sits well with ORIT's well-established strategy of de-risking portfolio cashflows through securing long-term fixed revenue.