Octopus Renewables expands Irish solar project

(Sharecast News) - Renewable infrastructure company Octopus Renewables Infrastructure Trust has announced the €27m acquisition of a 32.6MW solar project on the outskirts of Dublin, Ireland. The site, its sixth at the operational Ballymacarney complex that ORIT already owns, will raise the total capacity of the complex by 14% to 274MW.

The site, known as Irishtown, will sell additional electricity generated through a new long-term power purchase agreement with an undisclosed US technology company.

Construction is scheduled to start "shortly" with ORIT set to pay the full amount once the project has completed operational testing, expected in the second half of 2026.

"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," saud ORIT's chair Phil Austin.

"This forward purchase reflects the opportunity to expand our presence at Ballymacarney in a cost-efficient manner using the site's existing infrastructure, and provides ORIT with attractive potential for NAV per share accretion when compared with alternative uses of capital."