Octopus Renewables Infrastructure Trust (ORIT), a UK-based renewable investment firm, has agreed to acquire a 7.75 per cent stake in the Lincs offshore wind farm. Lincs, with a capacity of 270MW, is located offshore from England’s east coast and has been operational since 2013. The offshore wind facility, which spans 35 km sq, is equipped with 75 wind turbines, each with a 3.6MW capacity. Ørsted, a Danish energy company, operates and manages it.
The facility receives two renewable obligation certificates (ROCs) for each MWh of energy it generates in its first 20 years under the UK’s ROC scheme. The deal is expected to close in the second quarter of 2022 subject to the receipt of consent from existing investors and lenders. Lincs will represent about 10 per cent of ORIT’s portfolio in terms of gross asset value once it is completed.
In March 2022, Octopus Renewables signed an agreement to acquire wind farms in the UK and Europe. The wind farms are based in the UK, Sweden, France, and Finland. Octopus Renewables entered into an agreement with Swedish energy company OX2 to acquire a 31.5 MW onshore wind farm in Sweden. An unidentified seller in Finland sold the company two onshore wind farms with a total capacity of 71.4 MW.
REGlobal’s Views: Octopus has been focusing on acquisitions to quickly expand its wind power base. This is the company’s first investment in a large UK offshore wind farm.