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 30 June 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 H1 2023|
|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|
|UK||Offshore Wind||06/05/2022||Operational||21||1||ROC Subsidised|
|UK||Solar PV||13/06/2022||Consstruction||68||1||Expected to be operational in Q2 2023|
|UK||Battery||14/06/2022||Conditional Acquisition||n/a||1||Expected to be operational in Q2 2023|
Latest portfolio news
ORIT has extended its revolving credit facility (“RCF”) by utilising the accordion feature, bringing the total committed facility to £246m. ORIT’s increased RCF will be used to facilitate the investment into Crossdykes Onshore Wind Farm as well as other near-term pipeline opportunities.
Investment in UK Onshore Wind Farm
ORIT is pleased to announce that it has entered into an agreement to acquire a 51% ownership interest in the Crossdykes Onshore Wind Farm (“Crossdykes”). Crossdykes, located in southern Scotland, was developed by Muirhall Energy and has been operational since June 2021.
Acquisition of ready-to-build battery storage project
ORIT has entered into an agreement to acquire a 50% stake in a 12MW/24MWh ready-to-build battery storage project in Bedfordshire, UK, from Gridsource. The acquisition will be made alongside another Octopus managed fund, and is expected to complete by Q3 2022.
Acquisition of ready-to-build solar PV project
ORIT is pleased to announce that it has acquired the Breach Solar Farm, (“Breach”) a c.68MW ready-to-build solar PV project in Cambridgeshire, UK, from AGR Renewables. The acquisition also gives the Company the right to construct a battery storage project which is expected to be ready-to-build later in 2022.
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 Lincs 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.