Octopus Energy Investments has completed a £344 million refinancing of its UK onshore wind portfolio.

The portfolio, 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 company said 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. It will allow Octopus to “transact quickly and competitively in key target territories across Europe,” it said.

Matt Setchell, head of Octopus Energy Investments, said: “The willingness of banks to offer this degree of flexibility over such a long tenor is underpinned by the market leading expertise that we possess and our capability to acquire and manage high quality assets to an excellent standard.

“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.”

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