Cumberhead Wind Farm Update

RNS Number : 7498S

Octopus Renewables Infra Trust PLC

18 November 2021

 

18 November 2021

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

Construction commenced at Cumberhead Wind Farm

and PPA signed with Kimberly-Clark

Octopus Renewables Infrastructure Trust plc is pleased to announce that following the completion of the acquisition of the   Cumberhead Wind Farm (the "Cumberhead Project") from RDC Partners LLP in September, as announced in the Company's interim results, construction at the project has commenced. The Cumberhead Project, which is expected to be fully operational by Q4 2022, is a 50MW onshore wind farm located in South Lanarkshire, Scotland, and will consist of 12 Nordex N133 turbines and have an initial expected operating life of 25 years. The total consideration of the Cumberhead Project (including deferred consideration) and the subsequent construction costs is expected to be up to approximately £75 million.

The Company has also entered into a   Power Purchase Agreement (PPA) over the electricity to be generated at the Cumberhead Project with Kimberly Clark Limited, the UK parent company of leading household brands including Andrex, Kleenex and Huggies. Once operational, the Cumberhead Project is expected to provide nearly 80% of the electricity needed to manufacture Kimberley Clark's products in the UK. The new Cumberhead Wind Farm will generate approximately 160,000 megawatt hours of renewable energy annually for Kimberly-Clark to manufacture many personal care products for the UK market.

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented : "We are pleased to complete on this acquisition and commence the construction of the Cumberhead Wind Farm in Scotland. The Cumberhead project will add a significant onshore wind asset to our diverse portfolio, and is expected to provide attractive levels of income for shareholders once operational. We are also pleased to announce the Power Purchase Agreement with Kimberly-Clark and its many UK leading consumer brands, helping this well known business to transition to renewable energy."

For further information please contact:

Octopus Renewables Limited (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
PraxisIFM ( Company Secretary )	020 4513 9260

Notes to editors

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 Renewables

Octopus Renewables is a specialist clean energy investor. Launched in 2010 its mission is to accelerate the transition to a future powered by renewable energy. It has a diverse portfolio of assets with a capacity of over 2.8GW, making it the largest commercial solar investor in Europe and a leading investor in onshore wind.

Octopus Renewables is also leading the next wave of renewables being built without government subsidies. There is a significant opportunity to unblock much needed investment by building bespoke portfolios of renewable assets at scale, across technologies and countries, to create better outcomes for our investors.

Further details can be found at www.octopusrenewables.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.

 

END

 

 

MSCKDLFFFFLZFBV