June 17 (Renewables Now) - Octopus Renewables Infrastructure Trust Plc (LON:ORIT) said today it has acquired a 68-MW shovel-ready solar project in Cambridgeshire and separately signed a deal to buy a 50% stake in a 12-MW/24-MWh ready-to-build battery storage project in Bedfordshire.
Specifically, Octopus Renewables has bought the Breach Solar Farm project from AGR Renewables and the battery stake from Gridsource. It estimates the total cost of acquisition and construction of the solar park at around GBP 50 million (USD 61.5m/EUR 58.5m) and its investment in the storage project at about GBP 4 million.
The purchase of the solar scheme comes with the right to build a 50-MW/100-MWh battery storage facility as well. 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 is seen to 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.
(GBP 1.0 = USD 1.223/EUR 1.169)