Octopus Energy Investments has successfully refinanced its 230MW UK onshore wind portfolio.
The £344 million funding package was provided by AIB Group, Banco Santander, London Branch, Barclays Bank, BNP Paribas Fortis, Lloyds Bank, National Australia Bank Limited and National Westminster Bank.
The firm notes the portfolio of seven projects across England and Scotland was previously backed by six separate facilities – it says the refinancing allows for further assets to be absorbed in the future and permits the inclusion of unsubsidised assets in the portfolio.
It also says the move will allow quick and competitive deals to be made across Europe, as well as unlock barriers to new renewable investments.
Matt Setchell, Head of Octopus Energy Investments, said: “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.”
RenewableUK says the UK must repower existing wind farms to bridge the energy gap.