Octopus Renewables Infrastructure Trust plc has successfully secured debt finance for its ready-to-build wind farm in Cerisou, France which was acquired in October 2020.
The new EUR43.2 million (US$52.16 million) fully amortizing debt facility, provided by Société Générale, will fund the construction, commissioning, operation, and maintenance of the 24 MW Cerisou project. This debt facility will allow the Company to invest the amounts previously committed to the project into other investment opportunities. Construction at Cerisou is on schedule to begin in the second half of 2021, with the project expected to be fully operational in the second half of 2022.
The term loan facility is amortizing over 23 years from the commercial operations date of the project, with a flat 1.30% interest margin above EURIBOR over the duration of the loan. 90% of the project's national interest rate exposure under the term loan has been hedged. Alongside the term loan facility, Société Générale is providing a Debt Service Reserve Facility and a VAT Facility to the project.
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