Octopus Renewables Infrastructure Trust plc (LON:ORIT) has completed the sale of two onshore wind farms with a combined capacity of 59 MW in Poland to an affiliate of local oil refiner Orlen SA (WSE:PKN).
The parties wrapped up the deal, which concerned the Krzecin and Kuslin facilities, after obtaining the necessary competition approvals, the seller said in a statement today.
The sale resulted in net proceeds of about GBP 92 million (USD 115.6m/EUR 107.0m), at the top end of the initially set range when the deal was signed. This represents a 21% premium over the holding value of the wind farms as of end-September.
The two companies sealed a conditional agreement on the transaction in October. ORIT bought the assets from German renewables developer PNE AG in late 2021.
“We are pleased to deliver the first result from our capital recycling programme with the successful sales of the Polish wind farms. This transaction is an excellent result for the company, delivering a strong uplift to the company’s NAV,” said ORIT’s chairman Phil Austin.
(GBP 1 = USD 1.257/EUR 1.164)
