Octopus Renewables finalizes acquisition of 50 MW Cumberhead Wind Farm in South Lanarkshire
Octopus Renewables Infrastructure Trust plc (ORIT) has completed the acquisition of the Cumberhead Wind Farm from RDC Partners LLP in September 2021.
The 50 MW Cumberhead Project is expected to be fully operational by Q4 2022 and is located in South Lanarkshire, Scotland. It will consist of 12 Nordex N133 turbines and have an initial expected operating life of 25 years. The total consideration of the project (including deferred consideration) and the subsequent construction costs are expected to be up to approximately GBP75 million (US$101.2 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. Once operational, the onshore wind farm is expected to provide nearly 80% of the electricity needed to manufacture Kimberley Clark's products in the UK, generating approximately 160,000 MWh of renewable energy annually.
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