Octopus agrees conditional purchase of 175-MW Spanish PV bundle

Octopus Renewables Infrastructure Trust plc (LON:ORIT) has signed a conditional deal to buy a portfolio of Spanish solar projects totalling 175 MWp.

The UK-incorporated closed end investment company is acquiring the assets, including grid access rights, at a cost of EUR 37.8 million (USD 44.4m). It explained in a bourse filing on Thursday that the acquisition is conditional on the projects being taken to the ready-to-build stage.

The specific portfolio consists of four photovoltaic (PV) parks in the region of Andalucia, southern Spain, which are planned to be switched on at the start of 2024. The projects are expected to become ready for construction in January 2023.

The UK firm noted it is not taking any development risk under. It estimates it will need around EUR 82 million to install the capacity.

“This will be the fourth portfolio ORIT has acquired since listing late last year and is a significant addition to our current portfolio of renewable energy assets," said investment director Chris Gaydon. Once the deal is completed, ORIT will have committed 85% of the funds it raised in its initial public offering (IPO) in December last year.

(EUR 1.0 = USD 1.174)

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