Investment into Finnish Wind and Solar Development Platform

Source: www.gulfoilandgas.com 4/13/2022, Location: Europe

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."


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