Octopus Renewables Infrastructure Trust revealed it had snapped up two new ‘ready-to-build’ solar and battery storage projects today to boost the firm’s growing renewables portfolio.
In a statement this morning, the London-listed investment trust said it had acquired Cambridgeshire-based Breach Solar Farm alongside a 50 per cent stake in a Bedfordshire battery plant.
The total cost of acquisition and construction of Breach is expected to hit £50m, bosses said in a statement, with the acquisition also offering the firm the right to construct a battery storage project which is expected to be ready-to-build later in 2022.
The 50 per cent battery acquisition would be made alongside another Octopus managed fund and is expected to cost around £4m, including construction costs, Octopus said.
Octopus Investment director Chris Gaydon said battery and solar assets would rise in importance in the years ahead.
“Following ORIT’s recent acquisition of a stake in the Lincs offshore wind farm, we are delighted with the announcement today of additional investments, including opportunities in stand-alone and co-located new-build battery projects,” said Chris Gaydon, Investment Director at Octopus Renewables.
“The need for battery storage assets is becoming increasingly important as more solar and wind assets are connected to the grid and will form a key part of the move to a renewables-led power system and achieving net zero.
The two acquisitions follow a move by the firm to snap up a 7.75 per cent stake in the Lincs Offshore Wind Farm which it has now completed, Octopus said today.