(Alliance News) - Octopus Renewables Infrastructure Trust PLC on Friday said it has completed the acquisition of a portfolio of solar solar power assets located throughout the UK for an initial GBP144.3 million in cash.
The final consideration may be increased by up to GBP5.4 million contingent on securing extensions to current lease periods, Octopus said.
The portfolio consists of eight fully operational solar power assets, Octopus said, with a capacity of 122.8 megawatts.
These assets began operations between 2013 and 2015 and currently have an average remaining life of 23.5 years.
"This investment marks a significant step towards building a diversified portfolio of renewable energy assets aimed at reducing the impacts of climate change. This particular investment is expected to produce enough electricity each year to service the equivalent of 38,000 UK homes," said Chair Phil Austin.
Octopus shares were trading 6.0% lower in London on Friday at 95.70 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Octopus Energy (ORIT)