Octopus Renewables Infrastructure Trust plc has announced that following the completion of construction of the 48MW Ljungbyholm Wind Farm in Sweden (Ljungbyholm) and the site becoming fully operational in June 2021, the Company has entered into a Power Purchase Agreement (PPA) over the electricity to be generated at Ljungbyholm. The counterparty to the PPA (the “Offtaker”) is a global manufacturer with a multi-billion dollar valuation that is a Fortune 500 company and a member of the Dow Jones Sustainability World Index.
The PPA provides Ljungbyholm with a 10-year floor price for 100% of its production each year, and
will provide the Offtaker with green electricity for its operations in Sweden as part of its ambitions to switch to 100% renewable electricity by 2030.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented: “Ljungbyholm Wind Farm was ORIT’s first construction project to become operational. This PPA ensures a guaranteed minimum price for generation over the next 10 years, providing sustainable and attractive levels of income whilst allowing ORIT to benefit from periods of higher power prices. As companies look to transfer energy to renewable sources, especially following COP26, PPAs such as this will provide ORIT with long-term visibility for expected revenue generation, ultimately benefitting shareholders.”