Octopus takes aim at UK renewables with new £300 million war chest

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Octopus Investments has bolstered its funds with a £300 million fund raising which it says will be used to pursue operational renewable assets in the UK.

Octopus, already one of the largest holders of UK solar assets, has successfully closed a Renewable Energy Income Partnership (REIP) at £300 million after it received backing from an unnamed “large institutional investor”.

It added that it also expects the REIP to grow over time as the company sets its sights on additional UK and European assets outside of its current pipeline.

Alex Brierley, investment director at Octopus, said: “In closing the Fund, Octopus takes the next step in its consolidation of the UK renewable energy asset class. We are delighted to have, again, enabled a material source of new capital into the UK renewable energy market which confirms our position as the leading manager in this space.”

Octopus added that the investments would help fuel its three-pronged strategy that includes the launch of Octopus Energy, a domestic and SME energy supplier which earlier this week launched an innovative tracker tariff that reflects the wholesale energy price at any given time in what it charges for electricity.

The company recently announced that it had added 26MW of operational solar after purchasing six solar farms from ET Energy, which were completed prior to the closure of the Renewables Obligation on 31 March.

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