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    ORIT and Sky UK strike PPA deal

    Octopus Renewables Infrastructure Trust (ORIT) has struck a deal with Sky UK for its Crossdykes wind farm located in Lanarkshire, Scotland. Under this agreement, Sky UK will be purchasing the majority of the electricity generated by the 46MW wind farm.

     

    ORIT acquired a 51% stake in Crossdykes in 2022, while Octopus Renewables Infrastructure SCSp, another fund managed by Octopus Energy Generation, acquired the remaining 49%. The Power Purchase Agreement (PPA) with Sky UK will facilitate the sale of 69% of the wind farm’s output at a fixed price linked to the Consumer Price Index  for a duration of 10 years, starting from April 2025.

     

    This agreement will contribute to increasing ORIT’s fixed revenue to 82% by the end of 2025 and index-linked revenue to 53% by the end of 2033, as per the developer’s projections. Moreover, it is stated to be NAV-accretive when compared with the power price assumptions included in the Net Asset Value as of December 31, 2023.

     

    The Crossdykes wind farm is anticipated to produce approximately 144 GWh of electricity annually, sufficient to power around 50,000 homes and reduce carbon dioxide emissions by about 50,000 tonnes per year, which is equivalent to planting 250,000 trees.

     

    Chairman of Octopus Renewables Infrastructure Trust, Phil Austin, said “We are pleased to enter this agreement with Sky, which is a UK household name and a strong partner as part of the Nasdaq-listed Comcast Corporation.”

     

    “The contract underscores the strength of our Investment Manager’s energy markets team as they implement our strategy to deliver a high proportion of fixed revenue and inflation linkage, providing added certainty to our portfolio for the long-term.”

     

    “Renewable energy supply deals with major corporations like Sky help meet vital targets to decarbonise their businesses.”

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