Octopus’ £344 Million UK Onshore Wind Farm Refinancing

Ashurst has advised the lenders on the £344 million refinancing of Octopus Energy Investments’ (‘Octopus’) UK onshore wind portfolio – one of the first long tenor, fully amortising facilities in the renewable energy sector to accommodate such flexibility to borrow against new assets.

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 portfolio of wind assets, which Octopus acquired on behalf of its investors in a series of transactions between 2015 to 2017, includes seven sites across England and Scotland. The projects have a combined generation capacity of 230MW and were previously financed with six separate facilities.

The funding package was provided by seven major banks: AIB Group (UK) plc, Banco Santander S.A., London Branch, Barclays Bank PLC, BNP Paribas Fortis S.A./N.V., Lloyds Bank plc, National Australia Bank Limited and National Westminster Bank Plc.

The Ashurst team was led by partner Antony Skinner (Picture), assisted by associates Anthony Gray, Kavisha Bilimoria and Matt Gillam on the finance documents, senior associate Pete Grayson on the project documents and senior associate Sophie Pickering in relation to real estate matters. Partner Paul Miller and senior associate Preena Gandhi provided tax advice.

Involved fees earner: Kavisha Bilimoria – Ashurst; Preena Gandhi – Ashurst; Matt Gillam – Ashurst; Anthony Gray – Ashurst; Peter Grayson – Ashurst; Paul Miller – Ashurst; Sophie Pickering – Ashurst; Antony Skinner – Ashurst;

Law Firms: Ashurst;

Clients: Octopus Energy Investments;