Octopus is looking for wind and sun in Finland in the middle of northern lights
A fast growing investor in green electricity Octopus Renewables Infrastructure Trust (ORIT) deepens its commitment to Finland.
Founded in 2010, the foundation has production capacity across Europe and the UK of over 2.8 GW.
This morning it informed investors it collaborates with experienced wind power developers The Nordic generation Nordic Renewables Ltd is an exclusive joint venture with the task of bringing up to 400 MW of onshore wind and solar power to the market within 3 to 5 years. Octopus commits £ 2.9 million.
Wind farm experts The Nordic generation located in Berkhampted, Hertfordshire. Company it was founded by director Philip Allan Duggan in September 2019.
In the last three months, Octopus Renewables has bought two operating farms in Finland and an undeveloped project in southern Sweden. The combined capacity of the operating Saunamaa and Suolakangas plants is 71.4 MW, which is enough to power 45,000 homes. The five-year sales agreement promises a total of 1,400 GWh Eesti Energianeighbor Estonia’s largest institution, support purchases.
ORIT and the Octopus Managed Fund will have the privilege of financing the construction of the projects.
ORIT Chairman Phil Austin was pleased to announce this investment together with another Octopus Managed Fund, which aims to establish and manage a new platform for renewable energy in Finland in cooperation with Nordic Generation.
“We think this opportunity is very attractive as it can provide ORIT with more construction assets and expand the company’s production chain.”
The reaction on the London Stock Exchange today was negligible. By noon ORIT’s share price in the main index of the LSE was slightly lower than yesterday ‘s closing, valued at almost £ 650 million.
Areva’s and Siemens’ twelve-year-delayed Olkiluoto 3 EPR reactor in the Gulf of Bothnia received a preliminary safety report from the end of 2021. It is now in a six-month pre-commissioning phase, peaking at 1.6 GW in July. If achieved, it will cover about 15% of Finland’s electricity consumption.
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