Octopus fund invests in early development of 570-MW UK onshore wind portfolio

Octopus Renewables Infrastructure Trust PLC committed to invest up to £10 million in the early development of an onshore wind farm portfolio in the U.K. totaling approximately 570 MW.

The London-listed fund, or ORIT, invested £2.5 million and agreed to provide up to a further £7.5 million in development funding for nine newly formed joint venture companies with Wind 2 Ltd., a specialist U.K. onshore wind developer.

The joint ventures will seek to develop up to nine projects in Scotland and Wales over the next five to 10 years.

The investment gives ORIT preferential rights to fund the construction of the projects reaching ready to build stage, according to a Dec. 29 news release.

Earlier in December, ORIT raised about £73.9 million to invest in renewable energy assets and diversify its portfolio.