Renewable

April 27 (Renewables Now) - Octopus Renewables Infrastructure Trust Plc (LON:ORIT) said today it has struck a deal to buy a 7.75% stake in the 270-MW Lincs offshore wind farm off the English coast.

The closed-ended investment company expects the acquisition to be completed in the second quarter of this year after the needed consents from existing investors and lenders are secured. It estimates that Lincs will represent around 10% of its portfolio on a gross asset value basis.

Financial details about the purchase remained under wraps.

"Our investment into Lincs is ORIT's first into an operational offshore wind farm [..],” said Phil Austin, chairman of Octopus Renewables Infrastructure Trust.

Located off Lincolnshire Coast at Skegness, the wind farm consists of 75 turbines that have been generating power since 2013. The plant is operated and managed by Danish renewable energy group Ørsted A/S (CPH:ORSTED).

Lincs is supported by the UK's ROC regime, receiving 2 ROCs per MWh of electricity generation during the first 20 years of operation.

Join Renewables Now's free daily newsletter now!