ORIT steps in Germany with 34.6-MW wind farm acquisition

Octopus Renewables Infrastructure Trust Plc (LON:ORIT) will acquire a 34.6-MW wind farm in Germany’s Brandenburg state in a deal that marks its first investment in the German onshore wind segment.

The closed-ended investment company will purchase the plant from German developer UKA, it said in a bourse filing on Friday without disclosing the value of the transaction.

The Leeskow wind park consists of seven Nordex N149 turbines, the first one of which was brought online in 2020 as its installation was permitter earlier. The remaining machines were commissioned in August and September, with full commercial operations to be launched in the fourth quarter of this year. The project will receive a government-backed floor price for 20 years of its lifespan under the German government’s EEG regime.

The full commissioning of the wind park is pending approval from the project lenders due to the change in ownership.

Also on Friday, Octopus Renewables announced it has doubled its shareholding in the 270-MW Lincs offshore wind farm off the English coast, building a stake of 15.5%. In relation to the two deal, it said it has obtained GBP 50 million (USD 56.8m/EUR 57.1m) in debt financing from Natwest.

"Both assets add to the proportion of fixed-price power revenues in the portfolio, with the Leeskow acquisition based on power prices well below the cap recently announced by the EU," said Chris Gaydon, Investment Director at Octopus Energy Generation.

(GBP 1.0 = USD 1.136/EUR 1.142)

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