LONDON, UK: Octopus Renewables Infrastructure Trust has exercised the call option announced in October 2021 and completed the acquisition of two onshore wind farms in Finland.
The total consideration for the acquisition, including the option deposit and funding for the final construction payments was approximately €140 million.
The Saunamaa and Suolakangas wind farms have a combined installed capacity of 71.4MW, and are in the final stages of commissioning. The acquisition agreement passes the residual construction cost and timing risks associated with commissioning to the vendor.
The sites are expected to generate sufficient energy to power over 45,000 Finnish homes, avoiding the equivalent of 68,000 tonnes of carbon dioxide emissions per annum.
These sites were acquired from an entity for which the Company’s investment manager, Octopus Renewables Limited, provides asset management services.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented: “We are pleased to complete this transaction in Finland, acquiring two onshore wind farms, Saunamaa and Suolakangas, expanding our reach into an exciting new European territory. It is especially attractive due to the near term completion of the assets, and the further geographic diversification the acquisition brings to our portfolio.”
Octopus Renewables Infrastructure Trust plc is a closed-ended 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.