August 12 (Renewables Now) - Octopus Renewables Infrastructure Trust Plc (LON:ORIT) said today it has agreed to acquire a 51% stake in the 48-MW Crossdykes onshore wind farm, one of the largest unsubsidised wind farms in the UK.
Another Octopus managed fund will acquire the remaining 49% in the facility, which is located in southern Scotland and has been in operation since June 2021.
The wind farm was developed by Muirhall Energy. Consisting of 10 Nordex turbines, the plant currently operates under a fixed-price power purchase agreement (PPA) until March 2025.
The acquisition, expected to complete in the autumn, will increase ORIT's operational portfolio to 608 MW.
The company also said it has extended its revolving credit facility through the use of the accordion feature to GBP 246 million (USD 301m/EUR 291m). It will use the increased facility to support the investment in Crossdykes and other near-term pipeline opportunities.
(GBP 1 = USD 1.222/EUR 1.182)