UK-based renewable investment firm Octopus Renewables Infrastructure Trust (ORIT) has agreed to acquire a 7.75% stake in the Lincs offshore wind farm.<\/p>\n
With an installed capacity of 270MW, Lincs is located offshore from Englands east coast and has been operational since 2013.<\/p>\n
Covering a 35km area, the offshore wind facility is equipped with 75 wind turbines, each with 3.6MW of capacity. It is operated and managed by Danish energy company rsted.<\/p>\n
The facility benefits from the UKs renewable obligation certificate (ROC) scheme, receiving two ROCs for each MWh of energy it generates in its first 20 years.<\/p>\n
The deal is expected to close in the second quarter of this year subject to the receipt of consent from existing investors and lenders.<\/p>\n
Upon completion,Lincswill represent almost 10% of ORITs portfolio on a gross asset valuebasis.<\/p>\n
ORIT chairman Phil Austin said: Our investment intoLincsis ORITs first into an operational offshore wind farm, and will provide us with an additional revenue-generating asset that benefits from the favourable renewable obligation certificate (ROC) subsidy regime and gives ORIT further portfolio diversification.<\/p>\n
The acquisition will also strengthen ORITs relationships with leading investors and operators in the offshore sector.<\/p>\n
ORIT is managed by Octopus Energys sister company, Octopus Renewables.<\/p>\n
Octopus Energy acquired Octopus Renewables last July, having announced plans to acquire the company earlier in the year.<\/p>\n
In December last year, Canadian investment company CPP Investments announced a $300m equity investment in Octopus Energy under a long-term strategic partnership.<\/p>\n
The investment was intended to support Octopus Energys global expansion plan and made by CPP Investments Sustainable Energies Group.<\/p>\n
Octopus said it planned to use the funding to improve its Kraken technology platform, which was created to support its own retail, generation and flexibility businesses.<\/p>\n
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ORIT to acquire stake in 270MW Lincs offshore wind farm in UK - Power Technology<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" UK-based renewable investment firm Octopus Renewables Infrastructure Trust (ORIT) has agreed to acquire a 7.75% stake in the Lincs offshore wind farm. With an installed capacity of 270MW, Lincs is located offshore from Englands east coast and has been operational since 2013. Continue reading