Octopus Renewables Infrastructure Trust has announced its first investment – the 100% purchase of the 48MW Ljungbyholm wind farm in Sweden.
The construction-ready project has been developed by renewable energy developer OX2 for a cash price, inclusive of future construction payments of €68 million ($76 million).
The Ljungbyholm farm represents approximately 17% of Octopus’s IPO proceeds, which saw the company raise £350 million (approximately €394 million/$443 million).
The wind farm, which will consist of 12 turbines and has an expected lifespan of 30 years, will be located in the Kalmar municipality in the south of Sweden, and construction is expected to be completed by the middle of 2021.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, said: “I am delighted to announce our first investment, into a construction ready wind project in Sweden. This investment marks our first step towards building a diversified portfolio of renewable energy assets aimed at reducing the impacts of climate change.”
Chris Gaydon, Investment Director at Octopus Renewables, commented: “Scandinavia is an attractive market due to the possibility of combining high levels of wind resource with the latest wind turbine technology, and we are delighted to have had the opportunity to acquire this asset in southern Sweden.”
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