Acquisition of Stake in Lincs Offshore Wind Farm
27 April 2022
Octopus Renewables Infrastructure Trust plc
("ORIT" or the "Company")
Acquisition of stake in Lincs Offshore Wind Farm
Octopus Renewables Infrastructure Trust plc is pleased to announce that it has entered into an agreement to acquire a 7.75% ownership interest in the Lincs Offshore Wind Farm ("Lincs").
Lincs, located off the east coast of England, has been operational since 2013 and benefits from the UK's ROC regime, receiving 2 ROCs per megawatt hour of electricity generation during the first 20 years of operation. It has an installed capacity of 270MW, made up of 75 turbines each of 3.6 MW spread across c. 35 square kilometres. Lincs is operated and managed by Ørsted, the largest energy company in Denmark and a leading developer and operator of offshore wind farms in the UK and globally.
Completion of the acquisition is expected to take place during Q2 2022 (subject to receipt of consents from existing investors and lenders). Following completion of the transaction, Lincs will represent approximately 10% of the Company's portfolio on a gross asset value1 basis.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented:
"Our investment into Lincs is ORIT's first into an operational offshore wind farm, and will provide us with an additional revenue generating asset, that benefits from the favourable ROC subsidy regime and gives ORIT further portfolio diversification. The acquisition will also strengthen ORIT's relationships with leading investors and operators in the offshore sector."
For further information please contact:
Octopus Renewables Limited (Investment Manager)
Matt Setchell, Chris Gaydon, David Bird
Peel Hunt (Broker)
Liz Yong, Luke Simpson, Huw Jeremy (Investment Banking)
Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris (Sales)
020 7418 8900
Buchanan (Financial PR)
Charles Ryland, Hannah Ratcliff, George Beale
020 7466 5000
Sanne Fund Services (UK) Limited (Company Secretary)
1. A measure of total asset value including debt held in unconsolidated subsidiaries, but excluding any outstanding equity or debt commitments.
About Octopus Renewables Infrastructure Trust
Octopus Renewables Infrastructure Trust plc is a closed-ended investment company incorporated in England and Wales focused on providing investors with an attractive and sustainable level of income returns, with an element of capital growth, by investing in a diversified portfolio of renewable energy assets in Europe and Australia.
Further details can be found at www.octopusrenewablesinfrastructure.com
About Octopus Renewables
Octopus Renewables is a specialist clean energy investor. Launched in 2010 its mission is to accelerate the transition to a future powered by renewable energy. It has a diverse portfolio of assets with a capacity of over 2.8GW, making it the largest commercial solar investor in Europe and a leading investor in onshore wind.
Octopus Renewables is also leading the next wave of renewables being built without government subsidies. There is a significant opportunity to unblock much needed investment by building bespoke portfolios of renewable assets at scale, across technologies and countries, to create better outcomes for our investors.
Further details can be found at www.octopusrenewables.com
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