Acquisition of Construction-Ready French Onshore Wind Project – IPO Proceeds now fully committed
Octopus Renewables Infrastructure Trust plc (ORIT) is pleased to announce that it has completed the acquisition of 100% of the Cerisou wind farm, a construction-ready onshore wind project in the Vienne department of France. The project has been acquired from RES SAS (“RES”), part of the RES Group, a leading worldwide developer, constructor and manager of renewable energy assets, for a total cash consideration of €56m (c. £50m), including future construction payments.
Project construction will be carried out under a full-wrap contract by RES and is expected to be completed in the third quarter of 2022. Once operational, the wind farm will have 24MW of total capacity comprising of 8 turbines and will benefit from fixed, index-linked revenues for twenty years via the premium tariff under the demande de contrat de complément de remuneration (“DCCR”) 2017 Contract for Difference regime.
The acquisition is the Company’s fifth transaction following which the Company has now fully committed the proceeds from its IPO in December 2019.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented:
“I am delighted to announce this fifth acquisition today, which signifies a milestone for ORIT with the full commitment of the IPO proceeds. Our manager has worked hard to identify compelling investment opportunities for the Trust and we have built a well-diversified portfolio for the Company.”
Chris Gaydon, Investment Director at Octopus Renewables, commented:
“We are pleased to announce the acquisition of the Cerisou wind farm, which marks ORIT’s first wind farm in France, leverages Octopus Renewables’ experience in this market and meets our portfolio diversification goals. The French market is attractive to ORIT as long-term subsidies and political support continue to provide investment opportunities in new build renewable energy assets.”