Octopus Renewables Buys Further Stake in Lincs Offshore Wind Farm

Octopus Renewables Infrastructure Trust (ORIT) has acquired a further 7.75 per cent ownership interest in the Lincs offshore wind farm in the UK from a fund managed by Macquarie Asset Management.

The new buy-in follows ORIT’s investment from May of this year, when the investment company bought an initial 7.75 per cent stake in the wind farm.

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Funds managed by Macquarie Asset Management now hold a 44 per cent stake in Lincs.

ORIT’s investment comes alongside a co-investment from another fund managed by Octopus Energy Generation, Sky (ORI SCSp), which has acquired a 7.75 per cent indirect stake in Lincs as part of this transaction.

With the further interest now acquired, Lincs represents approximately 16 per cent of ORIT’s portfolio on a gross asset value basis, according to the investor.

The 270 MW Lincs offshore wind farm, located off the east coast of England, comprises 75 3.6 MW turbines and has have been operational since 2013.

The wind farm is operated and managed by Ørsted and has long-term fixed price inflation linked revenue arising from the UK’s ROC (Renewables Obligation Certificate) regime, under which Lincs receives 2 ROCs per megawatt-hour of electricity generation during the first 20 years of operation.

The news on ORIT’s new investment in Lincs comes shortly after Octopus Energy Generation, through a joint venture with GLIL Infrastructure, agreed to acquire a 12.5 per cent stake in the 1.2 GW Hornsea One offshore wind farm, now the world’s largest offshore wind farm in operation.

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Photo: Lincs offshore wind farm. Source: Centrica (archive)