Last checked at 
12 Aug 2022 07:10
12 August 2022
LEI: 213800B81BFJKWM2JV13
Octopus Renewables Infrastructure Trust plc
("ORIT" or the "Company")
Investment in UK Onshore Wind Farm
and Increase to RCF
Octopus Renewables Infrastructure Trust plc is pleased to announce that it has entered into an agreement to acquire a 51% ownership interest in the Crossdykes Onshore Wind Farm ("Crossdykes"). 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, ORIT'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 Company's portfolio on a gross asset value1 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.
Separately, the Company notes the change of trading name of its Investment Manager, Octopus Renewables Limited, from Octopus Renewables to Octopus Energy Generation, following Octopus Energy's acquisition of the Investment Manager in July 2021. There are no operational or contractual changes as a result of the new trading name, and no change to the Investment Manager's leadership or people.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented:
"This significant investment into one of the largest unsubsidised wind farms in the UK adds a substantial operational asset to our portfolio. Once completed, this will be ORIT's twelfth2 acquisition since IPO, with the portfolio now comprising 35 assets, highlighting the ability of our Investment Manager to build a high-quality portfolio of renewable energy assets, which in turn is critical to the UK's target of becoming net zero by 2050."
For further information please contact:
Octopus Energy Generation (Investment Manager) Matt Setchell, Chris Gaydon, David Bird
| Via Buchanan |
Peel Hunt (Broker) Liz Yong, Luke Simpson, Huw Jeremy (Investment Banking) Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris (Sales)
| 020 7418 8900 |
Buchanan (Financial PR) Charles Ryland, Hannah Ratcliff, George Beale
| 020 7466 5000 |
Sanne Fund Services (UK) Limited (Company Secretary)
|
020 3327 9720 |
Notes:
1. A measure of total asset value including debt held in unconsolidated subsidiaries, but excluding any outstanding equity or debt commitments.
2. Excludes conditional acquisitions.
About Octopus Renewables Infrastructure Trust
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.
Further details can be found at www.octopusrenewablesinfrastructure.com
About Octopus Energy Generation
Octopus Energy Generation ("OEGEN") is driving the renewable energy agenda by building green power for the future. Its London-based, leading specialist renewable energy fund management team invests in renewable energy assets and broader projects helping the energy transition, across operational, construction and development stages. The team was set up in 2010 based on the belief that investors can play a vital role in accelerating the shift to a future powered by renewable energy. It has a 12-year track record with approximately c£4.4 billion of AUM (as of 30 June 2022) across 10 countries and total 3.2GW. These renewable projects, like wind and solar farms, generate enough green energy to power 2 million homes every year, and is the equivalent of taking over 800,000 petrol cars off the road. Octopus Energy Generation was previously known as Octopus Renewables.
Further details can be found at www.octopusenergygeneration.com
Neither the content of any website referred to in this announcement nor the content of any website accessible from hyperlinks is incorporated into, or forms part of, this announcement.