- Purchases a 68 MW shovel-ready solar project in Cambridgeshire.
- Acquires another 50% stake in a 12 MW/24 MWh ready-to-build battery storage project in Bedfordshire.
Octopus Renewables Infrastructure Trust Plc has revealed that the company has purchased a 68 MW shovel-ready solar project in Cambridgeshire. It also revealed that it has, in another deal, purchased a 50% stake in a 12 MW/24 MWh ready-to-build battery storage project in Bedfordshire.
Specifically, the company has acquired the Breach Solar Farm project from AGR Renewables and the battery stake from Gridsource. The company estimates that the total cost of purchasing and constructing the solar park was about GBP 50 million, and investment in the storage project is about GBP 4 million.
The solar scheme’s acquisition also comes with the right to build a 50 MW/ 100 MWh battery storage facility. This component is expected to achieve a ready-to-build status later this year. The battery deal with Gridsource is being implemented alongside another Octopus-managed fund and will close by the third quarter of 2022.
Meanwhile, Octopus Renewables has closed its previously announced acquisition of a 7.75% stake in the 270-MW Lincs offshore wind farm off the English coast.