Octopus Renewables Infrastructure Trust (ORIT) has agreed a conditional forward purchase of a sixth solar site at its Ballymacarney complex in Ireland. The new site, named Irishtown, will add 32.6MW of capacity and increase the total output of the complex by 14% to 274MW.
The €27m acquisition will be completed following the site’s construction and successful operational testing, expected in the second half of 2026 and no capital outlay will be required from ORIT until completion.
The site is being developed by Statkraft, a long-standing partner of ORIT and the developer behind the five operational sites already in place at Ballymacarney. Electricity generated by Irishtown will be sold under a new long-term power purchase agreement (PPA) with a US technology company, helping to de-risk revenues and support predictable cash flows.
Chair Phil Austin highlighted the deal’s strategic rationale: “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.”
The acquisition further strengthens ORIT’s position in the Irish renewables market while leveraging synergies across its existing infrastructure.
