Investment in UK onshore wind joint ventures

RNS Number : 8163W

Octopus Renewables Infra Trust PLC

29 December 2021

 

29 December 2021

LEI: 213800B81BFJKWM2JV13

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

Investment into UK onshore wind development joint ventures

Octopus Renewables Infrastructure Trust plc is pleased to announce that it has invested £2.5 million and agreed to provide up to a further £7.5 million in development funding for nine newly formed joint venture onshore wind farm development companies with Wind 2 Limited ("Wind 2"), a specialist UK onshore wind developer.

The joint ventures will initially target the development over the next 5-10 years of up to nine onshore wind farms in Scotland and Wales with a potential combined capacity of approximately 570MW. ORIT's investment, which is a co-investment alongside another fund managed by Octopus Renewables Limited (the "Octopus Managed Fund"), gives ORIT and the Octopus Managed Fund preferential rights to fund the construction of the projects reaching ready to build stage .

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented:

"I am pleased to announce this partnership with Wind 2 to develop a significant amount of onshore wind farm capacity in the UK. This is an exciting move for ORIT which provides an opportunity to leverage the significant onshore wind development experience of the Wind 2 team and potentially generate a significant ready to build pipeline in the years to come."

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 )	020 3327 9720

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

About Wind 2

Wind 2 is a specialist onshore wind energy developer. The founders of Wind 2 together with the Wind 2 team have a substantial track record in the successful development of onshore wind throughout the UK, being responsible for the delivery of approximately 1GW of renewable energy through their involvement with RDC Partners and West Coast Energy, sold to ENGIE in 2014.

Further details can be found at www.wind2.co.uk  

Neither the content of any website referred to in this announcement nor the content of any website accessible from hyperlinks is incorporated into, or forms part of, this announcement.

 

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