Octopus Renewables Infrastructure Trust Plc (LON:ORIT) announced on Thursday it had acquired 100% of Cerisou Wind Farm, a construction response project in France’s Vienna province.
The project was acquired from RES SAS, part of the RES Group, a global developer and operator of renewable energy assets. The transaction took place for 56 million euros or £50 million, including future construction payments.
Octopus Renewables said construction was under a full-lap agreement by RES and is expected to be completed in the third quarter of 2022. One time, during operation, Wind Farm has a capacity of 24MW and constitutes eight turbines.
It also benefits from fixed index-linked revenues for 20 years through premium tariffs in demand for discrimination regimes and contracts 2017 contracts.
The acquisition is ORIT’s fifth transaction following the acquisition of 14 Windfarms and Ljungbyholm Wind Farm, meaning that in December 2019 we were fully committed to all revenues from the IPO.
Speaking about the company’s latest Acqquisition, the company’s chairman, Phil Austin, said:
“We are pleased to announce this fifth acquisition today. This means an ORIT milestone with our full commitment to revenue from the IPO. Our managers have worked hard to identify attractive investment opportunities for trusts and have built a well-diversified portfolio for the company.”
Chris Gaydon, Investment Director at Octopus Renewables, added.
“We announce the acquisition of Cerisou Wind Farm, marking Orit’s first wind farm in France, leveraging Octopus Renewables’ experience in this market to achieve our portfolio diversification goals. The French market is attractive to ORIT as long-term subsidies and political support continue to provide investment opportunities for new build renewable energy assets.”
After the update, the company’s shares remained up by about 1%, at 110.50p 29/10/20. This has not reached the 6-month high of 116.00p, but it has exceeded the recent 100.40p. Octopus’ renewable energy dividend yield is 0.96%.
