Octopus Renewables Infrastructure Trust Plc (LON:ORIT) has doubled its shareholding in the 270-MW Lincs offshore wind farm off the English coast, building a stake of 15.5%, it said in a filing on Friday.
The closed-ended investment company has bought an additional 7.75% interest in the Lincs complex from a fund managed by Australia’s Macquarie Asset Management. It noted that another fund managed by Octopus Energy Generation, namely Sky ORI SCSp, has co-invested and thus acquired a 7.75% indirect stake in Lincs.
Funds managed by Macquarie Asset Management now collectively own a 44% stake in the wind power complex.
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) and is supported by the UK's Renewables Obligation Certificate (ROC) regime, receiving 2 ROCs per MWh of electricity generation during the first 20 years of operation.
Octopus Renewables made its initial investment in Lincs in May 2022 after arranging the purchase in February. Among the offshore wind farm’s other owners are Ørsted, Macquarie’s Green Investment Group and other funds.
Octopus Renewables estimates that Lincs will represent around 16% of its portfolio on a gross asset value basis.
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