Octopus Renewables Infrastructure Trust Plc (LON:ORIT) said today it has invested GBP 2.5 million (USD 3.4m/EUR 3m) in nine newly created joint venture (JV) companies with UK onshore wind developer Wind 2 Ltd.
The closed-ended investment company has also agreed to contribute up to another GBP 7.5 million in development funding to the JVs which will initially aim to develop up to nine onshore wind farms in Scotland and Wales potentially totalling about 570 MW over the next five to ten years.
“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," said ORIT chairman Phil Austin.
The transaction is a co-investment with another fund managed by clean energy investor Octopus Renewables Ltd. Under it, ORIT and the Octopus Managed Fund will have preferential rights to fund the construction of the projects becoming shovel-ready.
ORIT invests in renewable energy assets in Europe and Australia. As at October 5, 2021, its portfolio consists of 28 assets with a combined capacity of 424 MW, excluding conditional acquisitions.
(GBP 1 = USD 1.343/EUR 1.187)
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