May 8 (Renewables Now) - UK onshore renewables investor Octopus Energy Investments has completed a GBP-344-million (USD 448.7m/EUR 400.5m) refinancing of a 230-MW onshore wind portfolio in the UK, it announced today.
The specific portfolio, which Octopus bought on behalf of its investors between 2015 and 2017, includes seven onshore wind assets in England and Scotland. The projects were previously backed by six separate financing facilities.
The new funding package was provided by a group of seven banks -- AIB Group (UK) plc (LON:AIBG), Banco Santander SA (BME:SAN), Barclays Bank PLC, BNP Paribas Fortis SA/NV, Lloyds Bank plc, National Australia Bank (ASX:NAB) and National Westminster Bank Plc. It has an “accordion” option, plus additional debt features, allowing the funding of further projects and the addition of subsidy-free assets to the portfolio.
“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,” said Matt Setchell, head of Octopus.
Octopus’ legal and financial advisors in the refinancing deal were Linklaters and Santander UK plc, respectively.
(GBP 1.0 = USD 1.304/EUR 1.164)