Octopus Commits €3.5 Million For Finnish RE

• Nordic Renewables Limited will target to develop around 400 MW of onshore wind and solar parks in Finland
• It is partnering with wind energy company Nordic Generation Limited to develop this capacity over the next 3 to 5 years
• The new platform will be set up by Octopus Renewables Infrastructure Trust that will shell out €3.5 million, with an equal amount from another fund managed by Octopus Renewables

A new renewable energy development platform Nordic Renewables Limited, under an exclusive joint development arrangement with wind energy player Nordic Generation Limited, will target to develop around 400 MW of onshore wind farms and solar PV assets in Finland over the next 3 to 5 years.

To set up and support the platform in achieving its aims, Octopus Renewables Infrastructure Trust plc (ORIT) has committed to invest up to €3.5 million for Nordics Renewables. An equal amount will come from another fund managed by Octopus Renewables Ltd.

In a regulatory filing, Octopus said Nordics Renewables will construct projects reaching ready-to-build (RTB) stage.

"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," said Chairman of Octopus Renewables Infrastructure Trust plc.

UK based electricity and gas supplier Octopus Energy Group acquired its sister company Octopus Renewables in March 2021 with an aim to become one of Europe's largest green generation operators and investors (see Octopus Energy Adds £3.4 Billion Green Energy To Portfolio).

Recently Skarta, Solarigo and Lummer Energia announced a partnership to develop 1 GW solar PV capacity in Finland and Sweden (see 1 GW Solar Partnership For Nordic European Nations).