15th Dec 2022 10:35
(Alliance News) - Octopus Renewables Infrastructure Trust PLC on Thursday celebrated the completion of construction at Cerisou Wind Farm, its previously-acquired project in France.
Octopus Renewables is a a closed-ended investment company incorporated in England and Wales.
It announced that, following completion, the onshore wind farm project is now fully operational, following its acquisition from RES SAS in October 2020.
The 24 mega-watt wind farm has now formally entered the French Contract for Difference regime, under which it will receive fixed, index-linked revenues for twenty years.
Octopus Renewables added that construction at the Cumberhead Wind Farm, its turbine project in Scotland, is also progressing well.
To date, seven turbines have been installed at the site, which is now also connected to the electricity network. The project is expected to be commissioned in the first quarter of 2023.
In other news, Octopus Renewables addressed the impact of policies in the UK and Europe related to energy price caps and windfall taxes.
In September, the company's net asset value of 108.3 pence per share was calculated using "considerable discounts" to the market pricing, in order to reflect uncertainty over government policy.
Since the release of the September 30, 2022 NAV, there have been several announcements, which Octopus said have reduced the volatility surrounding energy price caps and windfall taxes.
The company's investment manager estimated that the potential impact of the announcements by the UK, Polish and Swedish Governments, had they been included in the calculation of the September NAV, would in aggregate have been an increase of around GBP11.1 million, or 2.0p more per ordinary share, to GBP623.1 million or 110.3p per ordinary share.
Octopus Renewables shares were trading 1.0% higher at 97.90p each in London on Thursday morning.
By Holly Beveridge; Alliance News reporter
Comments and questions to [email protected]
Copyright 2022 Alliance News Ltd. All Rights Reserved.