Octopus Renewables Infrastructure Trust (ORIT) and specialist UK onshore wind developer Wind 2 have announced plans to develop up to nine onshore wind farms in Scotland and Wales over the next 5-10 years, with a potential combined capacity of approximately 570MW.
ORIT has invested £2.5 million in nine newly formed joint venture onshore wind farm development companies with Wind 2 and agreed to provide up to £7.5 million more in development funding.
A co-investor in the joint ventures is another fund managed by Octopus Renewables Limited (the Octopus Managed Fund). ORIT and the Octopus Managed Fund have preferential rights to fund the construction of projects as they reach the ‘ready to build’ stage.
Phil Austin, chair of Octopus Renewables Infrastructure Trust plc, said: “I am pleased to announce this partnership with Wind 2 to develop a significant amount of onshore wind farm capacity in the UK. This is an exciting move for ORIT which provides an opportunity to leverage the significant onshore wind development experience of the Wind 2 team and potentially generate a significant ready to build pipeline in the years to come.”
The Wind 2 team was previously responsible for the delivery of 1GW of renewable energy via RDC Partners and West Coast Energy, sold to Engie in 2014.
The announcement comes during an allocation round for the UK’s Contracts for Difference scheme that includes onshore wind in the scope of technologies that can compete for contracts.