The firm has acquired eight operational projects, which have qualified for the Renewable Obligation Certificate (ROC) regime
The portfolio was acquired from Octopus Investments. (Credit: Pixabay/Free-Photos)
Octopus Renewables Infrastructure Trust has completed the acquisition of a portfolio of solar projects with combined capacity of 122.8MW in the UK.
The portfolio was acquired from Octopus Investments, an entity managed by Octopus Renewables’ investment manager.
The acquisition includes eight operational projects, which have qualified for the Renewable Obligation Certificate (ROC) regime.
The firm has paid an initial cash amount of £144.3m ($156.9m) to completely acquire the eight projects and it will receive the economic benefit of all cash flows from the newly-acquired portfolio from 1 January this year.
Furthermore, the final consideration of the acquisition may be increased by up to £5.4m ($5.8m) depending on securing extensions to the current lease periods.
Octopus Renewables investment director Chris Gaydon said: “Following on from the acquisition of the Ljungbyholm Wind Farm which we announced on 10 March 2020, we are pleased to announce our second acquisition on behalf of Octopus Renewables Infrastructure Trust.
“As per our strategy of acquiring a diversified portfolio of assets, this gives us exposure to the UK market and the solar industry. We have now deployed 59% of the funds raised at IPO.”
Details of the projects acquired
The projects have commenced operations between 2013 and 2015 and have an average remaining life of 23.5 years.
The portfolio includes the 24.67MW Abbots, the 19.32MW Mingay and the 11.44MW Wiggin Hill in Cambridgeshire.
Other developments include and the 6.07MW Ottringham in Yorkshire, the 32.45MW Ermine in Lincolnshire, the 12.98MW Westerfield in Oxfordshire, the 12.34MW Chisbon in Essex and the 3.53MW Penhale in Cornwall.
In January last year, Octopus Investments and Australian renewable energy company Edify Energy have arranged over $450m to finance solar power station at Darlington Point near Griffith in New South Wales.