PwC advises Octopus in acquisition of 149MW portfolio of four UK based onshore wind projects

| Jul 20, 2017

PwCs financial, tax and sale & purchase agreement (SPA) teams have advised Octopus Investments in the acquisition of a 149MW portfolio of four UK-based onshore wind projects by funds managed by Octopus. The acquisition consolidates Octopus’ position as a leading renewable energy operator in the UK.

The news follows quickly on from Octopus’ recent announcement that it had successfully closed a £300m institutional fund, the Renewable Energy Income Partnership, to invest in UK renewable energy power plants.

The acquired portfolio includes Blue Energy’s flagship Beinneun Project (109MW) as well as the Cour (21MW), Grange (12.3MW) and Hillhead of Auquhirie (6.9MW) windfarms. All of the projects in the portfolio are supported by the Renewables Obligation Scheme and will provide enough renewable energy to power around 125,000 households.

Blue Energy will continue to manage all of the assets and the acquisition will see the existing external debt retained in all four projects.  

PwC’s financial team included Jason Morris, Craig Waterson, and Jack McNeill; tax included Helen Nicholson and Mark Griffiths; SPA team was Jeff Nye, Trevor Milne and Kate Whetton. 

Jason Morris, partner and UK Transaction Services Renewables team lead for PwC, said:

“We’re delighted to have advised Octopus in its latest acquisition which sees it consolidate its position as a leading renewable energy operator in the UK. Our teams brought a range of skills and expertise across financial, tax diligence and SPA to support the client throughout the deal which had a number of moving parts.”

Chris Gaydon, a director on Octopus’ Energy Investments team, said:

“We’re really pleased to have completed this transaction and have enjoyed working with the team at Blue Energy to make it happen. Alongside the UK’s largest portfolio of solar PV and our investments in advanced grid technologies and energy supply, the acquisition of these wind farms marks another major milestone in our ambition to become the industry's leading generator and supplier of clean energy in the UK.” 

Octopus is a major investor in UK renewable energy, with over £2.5 billion AUM in generating assets in solar and onshore wind as well as other technologies such as gas-fired reserve power, biomass and landfill gas. In addition to investing in energy optimisation technologies, it is also a market-disruptive energy supplier through Octopus Energy as it looks to build the country’s next generation energy company. Its aim is to bring together energy generation, distribution and supply capabilities to provide greener, cheaper energy to consumers, and more stable, predictable returns to investors.

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