Building a diversified portfolio of renewable energy assets
Renewable assets held
ORIT raised £350m for deployment in December 2019, and a further £150m and £74m was raised in July 2021 and December 2021, respectively. The table below lists the transactions that have been closed by the Investment Manager as at 4 May 2022:
|Country||Technology||Date acquired||Status||Size (MW)||Assets||Key information|
|Sweden||Wind||10/03/2020||Operational||48||1||Operational as of 30 June 2021|
|UK||Solar PV||20/03/2020||Operational||123||8||ROC Subsidised|
|France||Solar PV||31/07/2020||Operational||120||14||FiT Subsidised|
|France||Wind||29/10/2020||Construction||24||1||Expected to be operational in H2 2022|
|Spain||Solar PV||01/10/2021||Conditional acquisition||175||4||Expected to be operational in early 2024|
|UK||Wind||24/09/2021||Construction||50||1||Expected to be operational in H2 2022|
|Ireland||Solar PV||26/07/2021||Conditional acquisition||250||5||Expected to be operational in H2 2022|
|Ireland||Developer||09/08/2021||n/a||n/a||1||Developer of sustainable marine projects focused on floating offshore wind|
|Poland||Wind||05/10/2021||Construction||59||2||Expected to be operational in H2 2021 and H1 2022|
|Finland||Wind||23/12/2021||Construction||71||2||Final stages of commissioning|
|UK (HQ)||Developer||24/12/2021||Developer||n/a||1||Developer focusing on onshore wind|
|Finland (HQ)||Solar PV / Wind||12/04/2022||Developer||n/a||1||Developer of Finnish Wind & Solar|
Latest portfolio news
Finnish Wind & Solar Development Platform
ORIT is pleased to announce that it has committed to invest up to €3.5 million (c. £2.9 million) to set up and fund Nordic Renewables Limited, a new development platform focused on renewable energy assets in Finland.
Acquisition of Stake in Links Offshore Wind Farm
ORIT is pleased to announce that it has entered into an agreement to acquire a 7.75% ownership interest in the Lincs Offshore Wind Farm.
Investment in UK onshore wind joint ventures
ORIT is pleased to announce that it has invested £2.5 million and agreed to provide up to a further £7.5 million in development funding for nine newly formed joint venture onshore wind farm development companies with Wind 2 Limited, a specialist UK onshore wind developer.
Results of the Placing and REX Retail Offer
ORIT is pleased to announce the Company has successfully raised aggregate proceeds of approximately £73.9 million (net proceeds of approximately £72.4 million). Demand exceeded the maximum issue size and therefore a scaling-back exercise was carried out.
Acquisition of Two Onshore Wind Farms in Finland
ORIT is pleased to announce the acquisition of two onshore wind farms in Finland that have a combined capacity of 71MW and are in the final stages of commissioning.
Ljungbyholm Wind Farm Update – 10 Year PPA Signed
Following the completion of construction of the 48MW Ljungbyholm Wind Farm in Sweden in June 2021, ORIT is pleased to announce it has signed a PPA with Owens Corning, a global manufacturer, providing the Ljunybyholm wind farm with a 10-year floor price PPA for 100% of its production.
Acquisition of Two Polish In-Construction Wind Projects
ORIT is pleased to announce that it has acquired two in-construction onshore wind farms in Poland from the PNE Group, an experienced German developer of wind projects across Europe. The sites will have a combined capacity of 58.8 MW once completed, will benefit from a high percentage of fixed price revenues under the Polish CfD scheme, until 2038.
Investment in Floating Offshore Wind Developer
ORIT is pleased to announce that it has invested €7.5m (c.£6.4m) into Simply Blue Holdings Limited, the parent company of the Simply Blue Group (“SBG”). SBG is a developer of sustainable marine projects focused on floating offshore wind. ORIT’s investment, entitles it to a c. 12% interest in SBG.
Conditional Acquisition of Irish Solar PV Sites
ORIT is pleased to announce that it has agreed to acquire a portfolio of five solar PV sites in Ireland that are expected to have an installed capacity of up to 250MW. Completion of the acquisition is conditional upon four of the sites becoming fully operational, which is expected to occur in H2 2022.
June 3, 2021
Conditional acquisition of Scottish Wind Farm
ORIT is pleased to announce that it has signed a Share Purchase Agreement to acquire 100% of the rights to construct the Cumberhead Wind Farm, a 50MW onshore wind farm located in South Lanarkshire, Scotland. Completion of the acquisition (“Completion”) is conditional upon achieving ready-to-build status which is expected to occur in August 2021.
October 29, 2020
Acquisition of Construction-Ready French Onshore Wind Project
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.
October 1, 2020
Conditional acquisition of Spanish solar PV assets
ORIT is pleased to announce that it has entered into a Share Purchase Agreement (“SPA”) for the acquisition of a 100% interest in a portfolio of solar PV assets located in Southern Spain, with completion of the acquisition conditional on the assets becoming ready to build.
July 31, 2020
Acquisition of operational solar portfolio, France
ORIT is pleased to announce that it has signed a Share Purchase Agreement (“SPA”) for the acquisition of a 100% interest in a portfolio of operational solar PV assets located across France.