Octopus Renewables Infrastructure Trust has agreed to buy a 51% ownership interest in the Crossdykes Onshore Wind Farm. The remaining 49% is being acquired by another Octopus managed fund.
Crossdykes, located in southern Scotland, was developed by Muirhall Energy and has been operational since June 2021. It is amongst the largest unsubsidised wind farms in operation in the UK, with a total installed capacity of 48MW, made up of 10 Nordex turbines each of 4.8MW. The wind farm currently benefits from fixed pricing through its PPA until March 2025.
Completion of the acquisition is expected to take place in autumn 2022, subject to receipt of regulatory consents. Upon completion, the trust’s operational portfolio will have a capacity of 608MW (excluding conditional acquisitions), with 3 assets currently under construction, which are expected to achieve operational status between Q3 2022 and the end of Q2 2023. Crossdykes will represent approximately 5% of the portfolio on a gross asset value basis.
Alongside the acquisition, the company has extended its revolving credit facility (RCF) by utilising the accordion feature of the RCF, bringing the total committed facility to £246m. ORIT’s increased RCF, which was entered into under the same terms of the existing facility, will be used to facilitate the investment into Crossdykes as well as other near-term pipeline opportunities.
ORIT : Octopus Renewables buys stake in Crossdykes windfarm