17th Jun 2022 10:28
(Alliance News) - Octopus Renewables Infrastructure Trust PLC on Friday said it acquired the Breach solar farm in Cambridgeshire, England for GBP50 million, along with a stake in a battery storage project in Bedfordshire.
The 68 megawatt ready-to-build solar photovoltaic farm has been acquired from AGR Renewables Ltd.
The acquisition also gives the company right to construct a battery storage project. This is expected to be ready-to-build later in 2022, with an expected capacity of 50 megawatts, or 100 megawatt hours.
Separately, the company agreed to acquire a 50% stake in a 12 megawatt, or 24 megawatt hour ready-to-build battery storage project in Bedfordshire from Gridsource Ltd.
The acquisition will be made alongside another Octopus-managed fund and is expected to complete by the third quarter of 2022, conditional upon the lease agreement for the project site coming into effect.
The consideration for the acquisition and the company's share of future construction costs is expected to be about GBP4 million.
Construction on the company's onshore wind farms in France, Poland and the UK have progressed well, it added.
In France, seven of eight turbines have been installed at the Cerisou project, while in Poland all twelve turbines have been installed at the Kuslin project. They are now generating, with final commissioning works expected in the coming weeks.
In Scotland, the company expects turbine installations in early autumn and electricity generation in the final quarter of the year.
Chair Phil Austin said: "We are pleased to announce a number of developments today, including investments into ready-to-build solar PV and battery projects and an update on our construction projects. Our investment manager continues to deliver both on asset management and pipeline, actively managing our revenue streams and inflation linkage, allowing us to provide the market with new renewable generation capacity and enabling our shareholders to benefit from a diversified portfolio of impactful investments."
Shares in Octopus Renewables were up 0.9% at 106.99 pence on Friday in London.
By Heather Rydings; [email protected]
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