Octopus Renewables Infra Trust PLC Cumberhead Wind Farm Update (7498S)
18 November 2021 - 6:00PM
UK Regulatory
TIDMORIT
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
GBP75 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) Via Buchanan
Matt Setchell, Chris Gaydon, David Bird
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
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