Octopus Renewables Infrastructure Trust (ORIT), a subsidiary of UK-based Octopus Energy, has acquired a 199MW solar complex near Dublin, Ireland, from Statkraft Ireland for €160m ($172.5m).

The acquisition expands ORIT’s renewable energy portfolio, bringing its total operational capacity to 735MW.

Statkraft Ireland was responsible for the construction of the four solar farm projects while ORIT oversaw development.

The €160m acquisition was partially financed through a debt facility of €80.6m provided by Allied Irish Banks and La Banque Postale.

The solar farms will generate sufficient green energy to power 50,000 homes and offset 60,000 tonnes of carbon dioxide emissions annually.

The agreement was initially conditional, requiring the sites to be fully operational before ORIT could complete the acquisition.

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By GlobalData

Once commercial operations began in December 2023, ORIT proceeded with the finalisation of the purchase.

ORIT entered a 15-year PPA with Microsoft for the off-take of power from the solar farms in November 2022.

Octopus Renewables Infrastructure Trust chairman Phil Austin stated: “We are pleased to have completed this substantial acquisition, which sees ORIT become the owner of Ireland’s largest solar complex, which will deliver a substantial amount of green electricity.

“Projects like this are vital to accelerating the journey to net zero. We have been delighted to partner with Statkraft as a highly experienced developer and Microsoft as the off-taker.”

A fifth solar farm with 42MW of capacity is currently under construction and will be operational by the third quarter of 2024.

ORIT also plans to acquire this site under a similar agreement and has pre-agreed an extension of the existing debt facility by €25.8m.

In December 2023, Octopus Energy raised $800m in a funding round in which Origin Energy, Tokyo Gas, the Canada Pension Plan Investment Board and Generation Investment Management all participated.

The round valued the company at $7.8bn, a 60% increase since its previous investment round in December 2021.