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Octopus Renewables (ORIT)

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Thursday 03 June, 2021

Octopus Renewables

Conditional Acquisition of Scottish Wind Farm

RNS Number : 6509A
Octopus Renewables Infra Trust PLC
03 June 2021
 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

 

3 June 2021

 

LEI: 213800B81BFJKWM2JV13

 

Octopus Renewables Infrastructure Trust plc

 

("ORIT" or the "Company")

 

Conditional Acquisition of Scottish Wind Farm

 

Octopus Renewables Infrastructure Trust plc is pleased to announce that it 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 "Cumberhead Project") from RDC Partners LLP. Completion of the acquisition ("Completion") is conditional upon achieving ready-to-build status which is expected to occur in August 2021.

 

The total consideration for the acquisition of the Cumberhead Project (including any deferred consideration) and the subsequent construction costs are expected to be up to approximately £75 million, with the construction contracts expected to be entered into at Completion.

 

Construction will start shortly after completion with the wind farm expecting to be fully operational in Q4 2022. Cumberhead Wind Farm will consist of 12 turbines and have an initial expected operating life of 25 years.

 

The Investment Manager is currently progressing several additional investment opportunities on behalf of the Company, including opportunities under exclusivity to the Company and/or the Investment 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.

 

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."

 

 

For further information please contact:

 

Octopus Investments Limited (Investment Manager)

Matt Setchell, Chris Gaydon, David Bird 

 

Via Buchanan

Peel Hunt (Broker)

Liz Yong, Luke Simpson, Huw Jeremy, Tom Pocock (Investment Banking)

Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris (Sales)

 

020 7418 8900

Buchanan (Financial PR)

Charles Ryland, Kelsey Traynor, Hannah Ratcliff

 

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 end 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 across Europe and Australia 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.

 

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