Completion of the acquisition is dependent on achieving ready-to-build status
Octopus Renewables Infrastructure Trust confirmed on Thursday that is signed a share purchase to acquire 100% of the rights to construct the Cumberhead Wind Farm.
The 50MW wind farm, located in South Lanarkshire, Scotland, was acquitted from RDC Partners LLP.
Completion of the acquisition, according to ORIT, is dependent on achieving ready-to-build status, which is expected to happen in August of this year.
The total consideration for the acquisition for the project, as well as any resulting construction costs, are expected to reach around £75m.
Construction will commence shortly after the deal is completed, allowing the wind farm to be fully operational in the fourth quarter of 2022.
Cumberhead will be made up of 12 turbines and have an expected operating life of 25 years.
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.”
ORIT said it is progressing a number of additional investment opportunities. For this reason, it is considering the issuance of new shares.
If there is a fundraise then it will likely follow a prospectus, the investment manager said.
Octopus Renewables Infrastructure Trust is a closed end investment company incorporated in England and Wales focused on providing investors with income returns by investing in a diversified portfolio of renewable energy assets in Europe and Australia.
