Octopus Renewables Infrastructure Trust (ORIT) is acquiring a 32.6MW solar site in Ireland for around 鈧�27m through a forward purchase agreement with Statkraft.

The acquisition of Irishtown is the sixth project at the operational Ballymacarney complex already owned by ORIT, increasing the complex鈥檚 total capacity by 14% to 274MW.

Phil Austin, chair of Octopus Renewables Infrastructure Trust, said: 鈥漌e 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鈥檚 existing infrastructure, and provides ORIT with attractive potential for net asset value per share accretion when compared with alternative uses of capital.

鈥淭he new PPA [power purchase agreement] sits well with ORIT鈥檚 well-established strategy of de-risking portfolio cashflows through securing long-term fixed revenue. We look forward to working with Statkraft through the construction process and building on the ongoing relationship that we have with them through the asset management arrangement at Ballymacarney.鈥�

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