Octopus has acquired a further 7.75% ownership interest in the Lincs Offshore Wind Farm from a fund managed by Macquarie Asset Management. This follow-on investment adds to the original 7.75% stake in this wind farm that ORIT acquired in May 2022.

Lincs, located off the east coast of England, has been operational since 2013 and has long-term fixed price inflation linked revenue arising from the UK’s ROC (Renewables Obligation Certificate) regime, under which the wind farm receives 2 ROCs per megawatt hour of electricity generation during the first 20 years of operation. The wind farm has an installed capacity of 270MW, made up of 75 turbines each of 3.6 MW spread across c.35 square kilometres. Lincs is operated and managed by Ørsted, the largest energy company in Denmark, and a leading developer and operator of offshore wind farms in the UK and globally.

Following this transaction, Lincs represents approximately 16% of the Octopus portfolio on a gross asset value basis.

The investment comes alongside a co-investment from another fund managed by Octopus Energy Generation, Sky (ORI SCSp), which has acquired a 7.75% indirect stake in Lincs as part of this transaction. Following this transaction, funds managed by Macquarie Asset Management retain a 44% stake in Lincs.

Octopus Energy Generation (“OEGEN”) is driving the renewable energy agenda by building green power for the future. Its London-based, leading specialist renewable energy fund management team invests in renewable energy assets and broader projects helping the energy transition, across operational, construction and development stages. The team was set up in 2010 based on the belief that investors can play a vital role in accelerating the shift to a future powered by renewable energy. It has a 12-year track record with approximately £4.4 billion of assets under management (AUM) (as of 30 June 2022) across 10 countries and total 3.2GW. These renewable projects generate enough green energy to power 2 million homes every year, the equivalent of taking over 800,000 petrol cars off the road. Octopus Energy Generation was previously known as Octopus Renewables.