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Octopus Renewables Infrastructure Trust acquires stake in Lincs Offshore Wind Farm
Octopus Renewables Infrastructure Trust has entered into an agreement to acquire a 7.75% ownership interest in the Lincs Offshore Wind Farm (Lincs).
Lincs, located off the east coast of England, has been operational since 2013 and benefits from the UK’s ROC regime, receiving 2 ROCs per megawatt hour of electricity generation during the first 20 years of operation.
It has an installed capacity of 270MW, made up of 75 turbines each of 3.6 MW spread across c. 35 square kilometres. Lincs is operated and managed by Ørsted, the largest energy company in Denmark and a leading developer and operator of offshore wind farms in the UK and globally.
Completion of the acquisition is expected to take place during Q2 2022 (subject to receipt of consents from existing investors and lenders). Following completion of the transaction, Lincs will represent approximately 10% of the company’s portfolio on a gross asset value basis.
Phil Austin, chairman of Octopus Renewables Infrastructure Trust, said: “Our investment into Lincs is ORIT’s first into an operational offshore wind farm, and will provide us with an additional revenue generating asset, that benefits from the favourable ROC subsidy regime and gives ORIT further portfolio diversification. The acquisition will also strengthen ORIT’s relationships with leading investors and operators in the offshore sector.“
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Open All Hours: Government grants extended licencing hours for Queen’s jubilee celebrations
“Over the extended bank holiday weekend, we will be able to raise a glass to toast Her Majesty’s incredible service to our country, while also providing a boost to the hospitality industry after a challenging couple of years.”
Following a public consultation, the government agreed with the majority of respondents that the order should not extend to premises which sell alcohol for consumption off the premises, such as off-licences and supermarkets. The consultation also received support from the National Police Chiefs’ Council and National Association of Licensing and Enforcement Officers.