Octopus Renewables buys Scottish wind farm – Octopus Renewables Infrastructure Trust 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. The vendor was 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 (including the construction cost) is expected to be up to approximately £75m.
Construction contracts are expected to be entered into at completion and construction will start shortly after completion. The wind farm is expected to be fully operational in the final quarter of 2022. Cumberhead Wind Farm will consist of 12 turbines and have an initial expected operating life of 25 years.
Set to expand
The manager is progressing several additional investment opportunities on behalf of the company, including opportunities under exclusivity to the company and/or the 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.
ORIT : Octopus Renewables buys Scottish wind farm