Octopus Renewables Buys French wind project – Octopus Renewables Infrastructure Trust has completed the acquisition of a 100% interest in the Cerisou wind farm, a construction-ready onshore wind project in the Vienne department of France. The project has been acquired from RES SAS, part of the RES Group, a leading worldwide developer, constructor and manager of renewable energy assets, for a total cash consideration of €56m (about £50m), including future construction payments.
Project construction will be carried out under a full-wrap contract [where the engineering, procurement and construction (EPC) contractor assumes all of the risks associated with the major equipment as well as the normal construction risks] by RES and is expected to be completed in the third quarter of 2022. Once operational, the wind farm will have 24MW of total capacity comprising of 8 turbines and will benefit from fixed, index-linked revenues for twenty years via the premium tariff under the French demande de contrat de complément de remuneration (“DCCR”) 2017 Contract for Difference regime.
This is the company’s fifth transaction and it has now fully committed the proceeds from its IPO in December 2019.
[The company is trading on a 13%+ premium to NAV. Now that it is fully-invested, we would expect it to come looking for more money from investors.]
ORIT : Octopus Renewables Buys French wind project