Four newly built solar farms in Ireland have been sold for €160m. Located near Dublin City, these farms were developed by Statkraft Ireland and are capable of producing approximately 199MW of electricity annually, enough to power around 50,000 homes.
The buyer is Octopus Renewables Infrastructure Trust (ORIT), a London-based investment fund with a diverse portfolio across Europe, the UK, and Australia.
The sale of these solar farms was part of a conditional agreement between ORIT and Statkraft Ireland, which was dependant on the farms becoming operational. The solar farms were energised in December, after which ORIT finalised the purchase.
For the next 15 years, the electricity generated by these farms will be bought by Microsoft.
A nearby 42MW solar farm, which is currently under construction, is also expected to be sold once operational.
Solar farm sales
This deal marks the second significant sale of solar farms in Ireland in less than two months.
In December, Elgin Energy, a UK solar and storage developer, sold 16 Irish solar farms to German-based Allianz Capital Partners.
The Irish Farmers Journal has since received a number of queries from landowners in relation to their rights once a solar farm is sold.
The potential sale of a project is a major concern for farmers entering into lease agreements that can last up to 40 years.
According to James Staines of Staines Law, once the option/lease is assigned to a new owner, then that owner effectively steps into the shoes of the original developer and is bound by the same terms and conditions that have been previously agreed with the landowner.