- Press Releases
November 30 (Renewables Now) - Octopus Renewables Infrastructure Trust plc (LON:ORIT) announced on Tuesday the signing of a 10-year power purchase agreement (PPA) for the output of the 48-MW Ljungbyholm wind farm in Sweden.
While ORIT did not name the counterparty to the contract, the UK closed-ended investment company pointed out that the off-taker is “a global manufacturer with a multi-billion dollar valuation”. It was also described as a Fortune 500 company and a member of the Dow Jones Sustainability World Index, looking to switch to 100% renewable electricity by 2030.
"This PPA ensures a guaranteed minimum price for generation over the next 10 years, providing sustainable and attractive levels of income whilst allowing ORIT to benefit from periods of higher power prices,” said Phil Austin, chairman of ORIT. He added that the contract will provide the firm with long-term visibility for expected revenue generation.
The Ljungbyholm wind farm became fully operational in June 2021. ORIT bought the shovel-ready project from OX2 in March 2020.