Octopus Renewables Infrastructure Trust (ORIT) has signed a conditional agreement to sell the Krzecin and Kuslin onshore wind farms in Poland to an affiliate of ORLEN, a Polish-based listed multi-energy company.
ORIT acquired the Krzecin and Kuslin wind farms when they were in the construction phase in October 2021. The company managed the construction of the two wind farms and brought them into operation in 2022. The two sites have a combined capacity of 59 megawatts, generating enough green power for more than 100,000 homes and avoiding the equivalent of 150,000 tonnes of carbon-dioxide emissions each year.
After completing the transaction, ORIT expects to receive net proceeds of between PLN 470 million ($108 million) and PLN 490 million ($112 million), after the repayment of asset-level debt and termination of hedging arrangements. This represents a 14 percent to 19 percent premium over the holding value of the Krzecin and Kuslin wind farms at PLN 409 ($94 million),