Octopus Energy Investments has completed the £344m refinancing of its UK onshore wind portfolio which has a combined capacity of 230MW.
The funding package was provided by seven banks – AIB Group (UK), Banco Santander, London Branch, Barclays Bank, BNP Paribas Fortis, Lloyds Bank, National Australia Bank Limited and National Westminster Bank.
Octopus said the portfolio comprises seven projects, which were previously financed with six separate facilities.
“The refinancing incorporates a flexible ‘accordion’ and additional debt features which allows for further assets to be brought into the deal whilst also permitting the inclusion of unsubsidised assets in the portfolio,” the company said.
“This provides the ability to transact quickly and competitively in key target territories across Europe, allowing Octopus to continue to unlock investment into the next phase in the transition to a world powered by renewables,” it added.
Octopus Energy Investments head Matt Setchell said: “We are delighted to have finalised yet another milestone transaction which builds on the momentum generated by the successful deals we have completed over the last year.
“It also validates our strategy to develop strong relationships with a core group of highly-experienced lenders whose appetite in this space aligns well with our investors’ and our own growth ambitions.
“The willingness of banks to offer this degree of flexibility over such a long tenor is underpinned by the market leading expertise that we possess and our capability to acquire and manage high quality assets to an excellent standard.
“We have a strong pipeline of investments across multiple jurisdictions and this refinancing will provide us with the ability to progress towards our goal of unblocking barriers to renewables investment, driving the energy transition and creating an energy market in-line with climate change commitments.”
Linklaters provided legal counsel and Santander UK financial advice to Octopus.
The banks were advised by Ashurst as lenders counsel, RINA as technical advisor, Willis as insurance advisor, EY as model auditor and Baringa as market advisor.