Octopus Renewables Infrastructure Trust is to acquire 100% of the rights to construct the Cumberhead Wind Farm, a 50MW onshore wind farm located in South Lanarkshire, Scotland from RDC Partners. The acquisition, for £75 million, is conditional upon achieving ready-to-build status, which is expected in August 2021.
The wind farm expecting to be fully operational in Q4 2022. It will have 12 turbines and have an initial expected operating life of 25 years.
Octopus said it is currently progressing several additional investment opportunities and as a result the company is considering the issue of new ordinary shares.
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.”