Octopus Renewables takes 'interesting action' as it gets 9.1 MW of roof solar

Jul 20, 2020 02:42 PM ET
  • Octopus Renewables has actually gotten a 9.1 MW profile of functional property UK roof solar assets.
Octopus Renewables takes 'interesting action' as it gets 9.1 MW of roof solar
Image: solarpowerportal.co.uk

The panels sit across more than 2,700 rooftops, with the bulk of the profile concentrated in Manchester and also Birmingham.

It is the 2nd release from the company's ₤ 185 million Renewable Energy Income Partnership III (REIP III), a fund announced in January adhering to a mandate from National Grid UK Pension Scheme. The clean energy investor has a discretionary required to buy onshore wind and also solar over 25 years.

Today's announcement adheres to the purchase of 2 UK onshore wind ranches simply recently, which have actually an integrated capability of 16.8 MW and also noted the first release of the REIP III.

Peter Dias, investment supervisor at Octopus Renewables, said the purchase was an "amazing action" for the group, and also a "excellent enhancement to the large business rooftop solar portfolio that we currently manage throughout the UK and in France".

" Given our well-known performance history in the UK solar market, this was a rational following step as we improve our leading position in the European solar market and want to further broaden our task in solar roofs."

Octopus Renewables is currently the biggest commercial solar power capitalist in Europe according to the company, having grown its profile over the last decade. Along with onshore wind as well as biomass, the company currently takes care of greater than ₤ 3 billion in renewable energy possessions.

The acquisition follows the Octopus Renewables Infrastructure Trust (ORIT) getting 100% of eight solar assets with a capability of 122.8 MW, for a money consideration of ₤ 144.3 million in March. This in turn complied with the Octopus Group floating ORIT on the Stock Exchange in November 2019, in an effort to raise ₤ 250 million to finance financial investments right into renewables.

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