Fast-growing green power investor Octopus Renewables Infrastructure Trust (ORIT) is deepening its commitment to Finland.
Founded in 2010, the trust boasts generation assets across Europe and the UK rated at over 2.8GW.
This morning it informed investors it is partnering with experienced wind developers Nordic Generation in Nordic Renewables Ltd, an exclusive joint venture tasked to bring to market up to 400 MW of onshore wind and solar PV farms within three to five years. Octopus is committing £ 2.9 million.
Wind farm specialists Nordic Generation are based in Berkhampsted, Hertfordshire. The company was set up by director Philip Allan Duggan in September 2019.
The past three months have seen Octopus Renewables buy two operating onshore farms in Finland and an unbuilt project in southern Sweden. The working Saunamaa and Suolakangas facilities have a combined capacity of 71.4 MW, sufficient to power 45,000 homes. A five-year offtake deal promising 1,400GWh in total to Eesti Energia, the biggest utility in neighbouring Estonia, underpinned the buys.
ORIT and the Octopus Managed Fund will benefit from preferential rights to fund the construction of projects.
ORIT chairman Phil Austin was “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.”
Reaction on the London Stock Exchange was negligible today. By noon ORIT’s share price on the LSE main index was marginally down from yesterday’s close, valuing the trust at close to £650 million.
In nuclear generation, Areva and Siemens’ twelve-year delayed Olkiluoto 3 EPR reactor in the Gulf of Bothnia received initial safety clearance late in 2021. It is now on a six-month pre-commissioning run-up, due to reach its peak 1.6GW output in July. If attained, that output will satisfy around 15% of Finland’s electricity consumption.