ORIT to set up Finnish wind, solar platform targeting 400 MW

Wind farm. Author: Ray Dumas. License:Creative Commons, Attribution-ShareAlike 2.0 Generic.

April 13 (Renewables Now) - Octopus Renewables Infrastructure Trust Plc (LON:ORIT) said today it plans to spend up to EUR 3.5 million (USD 3.8m) to establish a Finnish renewable energy development platform focusing on wind and solar.

Nordic Renewables Ltd, as the platform is called, will initially seek to develop roughly 400 MW of wind and solar photovoltaic (PV) projects in Finland over the next three-five years. The new company will benefit from an exclusive joint development arrangement with UK-based developer Nordic Generation Ltd, which operates mainly in Finland.

Apart from ORIT’s commitment, Nordic Renewables will get an equal contribution from another fund managed by clean energy investor Octopus Renewables Ltd. As a result, both ORIT and the Octopus Managed Fund will have preferential rights to finance the construction of the platform's projects.

"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 Phil Austin, chairman of ORIT.

ORIT invests in renewable energy assets in Europe and Australia. The closed-ended investment company had 31 assets with a combined capacity of 494 MW at the end of 2021, its financial report shows.

(EUR 1.0 = USD 1.090)

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