Octopus Renewables Infrastructure to buy offshore wind farm – Octopus Renewables Infrastructure (ORIT) has entered into an agreement to acquire a 7.75% ownership interest in the Lincs Offshore Wind Farm.
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 around 35 square kilometres. It 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) and will represent approximately 10% of the company’s portfolio on a gross asset value basis.
Phil Austin, chairman of ORIT, said: “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.“
ORIT : Octopus Renewables Infrastructure to buy offshore wind farm