News
Further to ORIT’s announcement on 18 July 2024 regarding signing of a conditional agreement to sell the 48 MW Ljungbyholm onshore wind farm in Sweden, Newsec Energy Transition is delighted to now see the closing of this transaction completed with DWS Infrastruktur Europa, a DWS core infrastructure fund.
ORIT acquired the 48 MW wind farm at pre-construction stage in March 2020, investing c. €68 million in the project. The Investment Manager, Octopus Energy Generation managed the construction phase, successfully bringing the wind farm into operation in June 2021. The sale price of €73.7 million delivers an IRR of 11.3% over the lifetime of the Company’s investment. The net proceeds expected to be used predominantly to repay part of ORIT’s short-term debt facility
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented: “We are pleased to complete the latest phase of ORIT’s capital recycling programme, securing an attractive sale price at a premium to the asset’s holding value and which once again provides support to the Company’s valuations. The proceeds enable ORIT to repay a significant proportion of its short-term debt, which has been a key focus for the Company. Completion of the sale also further demonstrates our Investment Manager’s ability to manage the construction and successful operation of renewable energy assets.”
Omid Ashrafi, Managing Partner at Newsec Energy Transition commented: “We are delighted to support ORIT on this transaction and to be part of DWS entry to the Swedish renewable energy market”
Share
