Finnish Wind & Solar Development Platform
Updated : 07:00
13 April 2022
LEI: 213800B81BFJKWM2JV13
Octopus Renewables Infrastructure Trust plc
("ORIT" or the "Company")
Investment into Finnish Wind and Solar Development Platform
Octopus Renewables Infrastructure Trust plc is pleased to announce that it has committed to invest up to €3.5 million (c. £2.9 million) to set up and fund Nordic Renewables Limited, a new development platform focused on renewable energy assets in Finland. The investment is made alongside an equal amount from another fund managed by Octopus Renewables Limited (the "Octopus Managed Fund"). Nordic Renewables Limited will benefit from an exclusive joint development arrangement with Nordic Generation Limited, a specialist developer focused on the Finnish market and managed by a team of industry veterans from the UK and Finland.
Nordic Renewables Limited will initially target the development over the next 3-5 years of onshore wind farms and solar PV assets in Finland with a potential combined capacity of approximately 400MW. ORIT and the Octopus Managed Fund will benefit from preferential rights to fund the construction of the projects reaching ready to build stage.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented:
"We are delighted to announce this investment, alongside another Octopus Managed Fund, to set up and manage a new platform for renewable energy assets in Finland working with Nordic Generation. We feel this opportunity is extremely attractive as it has the potential to provide ORIT with additional exposure to assets in construction and to broaden the Company's pipeline."
For further information please contact:
Octopus Renewables Limited (Investment Manager) Matt Setchell, Chris Gaydon, David Bird
| Via Buchanan |
Peel Hunt (Broker) Liz Yong, Luke Simpson, Huw Jeremy (Investment Banking) Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris (Sales)
| 020 7418 8900 |
Buchanan (Financial PR) Charles Ryland, Hannah Ratcliff, George Beale
| 020 7466 5000 |
Sanne Fund Services (UK) Limited (Company Secretary)
|
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Notes to editors
About Octopus Renewables Infrastructure Trust
Octopus Renewables Infrastructure Trust plc is a closed-ended investment company incorporated in England and Wales focused on providing investors with an attractive and sustainable level of income returns, with an element of capital growth, by investing in a diversified portfolio of renewable energy assets in Europe and Australia.
Further details can be found at www.octopusrenewablesinfrastructure.com
About Octopus Renewables
Octopus Renewables is a specialist clean energy investor. Launched in 2010 its mission is to accelerate the transition to a future powered by renewable energy. It has a diverse portfolio of assets with a capacity of over 2.8GW, making it the largest commercial solar investor in Europe and a leading investor in onshore wind.
Octopus Renewables is also leading the next wave of renewables being built without government subsidies. There is a significant opportunity to unblock much needed investment by building bespoke portfolios of renewable assets at scale, across technologies and countries, to create better outcomes for our investors.
Further details can be found at www.octopusrenewables.com
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