LONDON, UK: Octopus Renewables Infrastructure Trust has acquired two in-construction onshore wind farms in Poland from the PNE Group, an experienced German developer of wind projects across Europe.
The “Krzecin” and “Kuslin” wind farms, with 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.
Construction of the “Krzecin” wind farm in the north-west of Poland and the “Kuslin” wind farm in western Poland commenced in Q4 2020 and these projects are expected to be commissioned in Q4 2021 and in mid-2022 respectively.
Total investment amount including debt funding for both projects is expected to be PLN 568m (c.£105m). The projects are financed by the European Bank for Reconstruction and Development and BayernLB.
Onshore wind capacity in Poland reached 5.9 GW by 2019, and has been growing since following the success of the CfD scheme introduced in 2018. Poland also has ambitious plans for growing its offshore wind and solar sectors over the coming years.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented: “I am pleased to announce ORIT’s first investment in Poland, adding further geographical diversity to the Company’s portfolio. This is the third transaction announced since completing the fundraise in July, highlighting our Investment Manager’s ability to invest the capital into its attractive and extensive pipeline of renewable infrastructure projects.”
Chris Gaydon, Investment Director at Octopus Renewables, commented: “We are delighted to have completed this acquisition and to have developed a strong relationship with a highly experienced developer. These projects benefit from attractive government-backed fixed revenues, in a market which is set to experience significant growth in renewable capacity over the coming years.”