Octopus Renewables Infrastructure Trust has agreed acquisition of five solar PV sites near Dublin from Statkraft Ireland. The five sites are expected to have an installed capacity of up to 250MW.

Completion of the acquisition is conditional upon four of the sites becoming fully operational, which is expected to occur in H2 2022. Four sites have Contracts for Difference awarded as part of the Irish RESS-1 auction, providing fixed-price revenues until 2037. The fifth site, which is expected to have an installed capacity of up to 50MW, will be acquired on or after Completion as a construction ready project, conditional on the site securing a RESS Contract for Difference in a future Irish auction.

Total consideration for the acquisition is expected to be €138-145 million (£119-125 million).

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, said: “I am delighted to announce ORIT’s first acquisition in Ireland, with this significant portfolio of solar PV sites. This acquisition, coming shortly after completion of our recent fundraise, will extend our presence into a fifth country, providing further geographic and revenue diversification.”