ORIT Expands Renewable Portfolio with Ireland's Largest Solar Acquisition
These solar sites are anticipated to generate enough green energy to power approximately 50,000 homes and mitigate around 60,000 tonnes of carbon dioxide emissions annually.
February 06, 2024. By Abha Rustagi
These solar sites are anticipated to generate enough green energy to power approximately 50,000 homes and mitigate around 60,000 tonnes of carbon dioxide emissions annually.
The acquisition, originally outlined in a conditional agreement between ORIT and Statkraft Ireland Limited, hinged on the sites achieving full operational status. Having commenced commercial operations in late December 2023, ORIT has now completed the acquisition at a total cost of EUR 160m. The financing structure included a EUR 80.6m debt facility provided by Allied Irish Banks and La Banque Postale.
Microsoft's involvement was highlighted in a November 2022 announcement, revealing a 15-year Power Purchase Agreement (PPA) with ORIT to offtake the electricity generated by the solar farms. This strategic partnership secures future revenue for ORIT from the solar complex.
In addition to the completed acquisition, a fifth site with a capacity of 42 MW is currently under construction nearby and is expected to become operational in Q3 2024. ORIT's agreement with Statkraft Ireland Limited will extend to this project, and an increase in the debt facility by up to EUR 25.8m, pre-agreed with the lenders, will partly fund the acquisition.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, expressed satisfaction with the substantial acquisition, emphasizing its significance in making ORIT the owner of Ireland's largest solar complex. "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," he said.
please contact: contact@energetica-india.net.
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