Octopus Renewables Infrastructure has agreed to invest up to £2m to set up and fund a new development business, focused on creating new ground-mounted solar PV and co-located battery storage assets in the UK. The trust will own 100% of the new company, which will benefit from exclusive development services from BLC Energy Limited (BLCe). BLCe is a newly formed specialist developer managed by a team of industry veterans with deep knowledge of the UK electricity grid, as well as significant experience in securing land for building new renewable energy projects.
Octopus Renewables Infrastructure will initially invest £0.7m, with an expected total investment of up to £2m to support the development costs of the business until the end of 2025. The new venture will target an initial pipeline of over 350MW of projects in development, with land rights and grid connection offers expected to be secured making the projects suitable for sale or further development.
The trust will have the exclusive right to provide further funding to bring the initial pipeline to ready-to-build status between 2025 and 2029 by securing planning permissions and any other relevant consents, along with preferential rights to provide development funding to new pipeline identified by BLCe. Octopus Renewables Infrastructure will also have the option to build or sell all projects developed for the business by BLCe once ready-to-build.
ORIT : Octopus Renewables backs UK solar and battery storage developer