The ever-expanding Octopus renewables empire stretched further this morning, as its LSE-quoted investment trust announced two deals featuring grid-scale batteries.
In the first, the company’s investment arm Octopus Renewables Infrastructure Trust (ORIT) confirmed its £50 million purchase of the 68MW Breach solar project at Burwell, Cambridgshire, from renewables developer AGR Group.
Construction due later this year next to the B 1102 will include a 12MW/24MWh battery.
In the second, ORIT has agreed to acquire 50% of Gridsource’s identically-sized project in grid storage in Bedfordshire. Subject to lease terms, another Octopus managed fund should complete the £4m buy in coming weeks.
Two months ago, ORIT announced its buying of a 7.5% stake in Ørsted’s Lincs wind farm off the east coast. Operating since 2013, the 270 MW array covering 35 square kilometres of the North Sea is Octopus’ first venture where it has got its tentacles wet.
Onshore across Europe, Octopus’ build-out of its land-based spinners progresses well, the integrated developer-retailer assured investors this morning.
At Cumberhead, south of Glasgow, installations at the 12 tower, 50 MW park are expected to begin later in the summer. Full commercial operations are planned for early next year.
Seven of eight turbines have been installed at the 24MW project in Cerisou, France, on track for commissioning by October, the firm told investors. At Kuslin in western Poland, all twelve turbines have been installed and are generating, with final commissioning for the 39.6MW farm expected to complete in the coming weeks.
The LSE liked the news, ticking ORIT’s share price up nearly 1% by late morning, valuing the fund at just under £600 million.
Commenting on ORIT’s ‘impactful investments’, chair Phil Austin said: “Our investment manager continues to deliver both on asset management and pipeline, actively managing our revenue streams and inflation linkage, and allowing us to provide the market with new renewable generation capacity”.