Octopus Renewables Infrastructure Trust is to acquire a minority ownership interest in the 270MW Lincs Offshore Wind Farm (pictured).
The 7.75% stake was put up for sale by Arjun Infrastructure Partners at the start of the year, as first reported in reNEWS.
Located off the east coast of England, Lincs has been operational since 2013 and benefits from the UK’s ROC regime, receiving 2 ROCs per MWh of electricity generation during the first 20 years of operation.
Lincs is operated and managed by Orsted and is made up of 75 turbines each of 3.6MW spread across around 35 square kilometres.
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.
Octopus Renewables Infrastructure Trust chairman Phil Austin 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.”