Deutsche Windtechnik wins turbines maintenance contract in Sweden
Sep 19, 2024 14:55 CESTOctopus Renewables Infrastructure Trust plc (LON:ORIT) has signed a conditional deal to offload a 48-MW wind farm in Sweden to an unnamed German institutional investor for roughly EUR 74 million (USD 80.9m).
The agreement was announced by the British renewables investor on Thursday and concerns its Ljungbyholm onshore wind farm.
The proposed divestment was undertaken as part of Octopus Renewables’ capital recycling programme and is expected to result in an internal rate of return (IRR) of around 11% over the life of the company’s investment. Under the plan, the funds raised from the deal will be allocated mostly for the repayment of short-term debt, the vendor said.
The transaction needs to be approved by the Swedish Inspectorate for Strategic Products, which is anticipated to occur later this year. When completed, the funds raised from Octopus Renewables’ capital recycling programme will stand at GBP 159 million (USD 206.4m/EUR 188.8m).
Octopus Renewables bought the Ljungbyholm wind farm for EUR 68 million when the project was at the pre-construction stage in March 2020. The plant was switched on in the summer of 2021.
(EUR 1.0 = USD 1.093)
(GBP 1.0 = USD 1.298/EUR 1.188)
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