Octopus Renewables Infrastructure Trust (ORIT) has pledged up to £2 million to establish and fund a new solar PV and battery storage business.
ORIT is managed by Octopus Renewables Limited. trading as Octopus Energy Generation, one of the largest renewable energy investors in Europe.
ORIT will fully own the new company – with an initial investment of £0.7 million, ORIT aims to support the development of over 350MW of projects, securing land rights and grid connections for potential sale or further progress.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust, commented: “Investing in the early stages of creating new renewable energy projects brings huge growth opportunities for ORIT, both from value creation through successfully delivering projects and from the exclusive opportunity to invest into the construction of the sites once they are ready to build.”
