Octopus Renewables Infrastructure Trust plc (LON:ORIT) said today it has purchased two wind projects in Poland with a combined capacity of 58.8 MW from German renewables developer PNE AG (ETR:PNE3).
UK-based ORIT, which invests in renewable energy assets in Europe and Australia, has acquired the Krzecin wind farm in northwestern Poland and the Kuslin wind farm in western Poland, which have been under construction since the fourth quarter of 2020. The Krzecin wind farm is to come online in the final quarter of the current year, while the Kuslin facility is expected to be commissioned in the middle of 2022.
The deal marks ORIT’s first investment in Poland. It said the total investment for both projects, including debt funding, is estimated at PLN 568 million (USD 145m/EUR 124m). Financing for the projects has been povided by the European Bank for Reconstruction and Development and BayernLB.
The wind farms will get a high percentage of fixed-price revenues until 2038 under Poland’s contract for difference (CfD) scheme.
“These projects benefit from attractive government-backed fixed revenues, in a market which is set to experience significant growth in renewable capacity over the coming years," said Chris Gaydon, investment director at Octopus Renewables.
(PLN 1 = USD 0.255/EUR 0.219)
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