LONDON, UK: Octopus Renewables Infrastructure Trust plc has signed a Share Purchase Agreement to acquire 100% of the rights to construct the Cumberhead Wind Farm, a 50MW onshore wind farm located in South Lanarkshire, Scotland from RDC Partners LLP.
Completion of the acquisition is conditional upon achieving ready-to-build status which is expected to occur in August 2021.
The total consideration for the acquisition of the Cumberhead Project (including any deferred consideration) and the subsequent construction costs are expected to be up to approximately £75 million, with the construction contracts expected to be entered into at Completion.
Construction will start shortly after completion with the wind farm expecting to be fully operational in Q4 2022. Cumberhead Wind Farm will consist of 12 turbines and have an initial expected operating life of 25 years.
The Investment Manager is currently progressing several additional investment opportunities on behalf of the Company, including opportunities under exclusivity to the Company and/or the Investment Manager. As a result, the Company is considering the issue of new ordinary shares. Any such fundraise would be expected to follow the publication of a prospectus. A further announcement will follow in due course, if appropriate.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented: “We are pleased to announce our latest acquisition, of the rights to construct a 50MW onshore wind farm in Scotland, which adds a further onshore wind project to our portfolio. The project diversifies our holdings in the UK, and once operational will contribute to reducing the UK’s carbon footprint.”
Octopus Renewables Infrastructure Trust plc is a closed end investment company incorporated in England and Wales focused on providing investors with an attractive and sustainable level of income returns, with an element of capital growth, by investing in a diversified portfolio of renewable energy assets in Europe and Australia.
Octopus Renewables Infrastructure Trust PLC
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2 Jun, 4:35 pm GMT+1 · Disclaimer
LON: ORI
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