Octopus secures GBP185m renewables mandate from National Grid UK Pension Scheme
Octopus Renewables, a specialist clean energy investor and part of Octopus Group, has secured a new UK corporate pension mandate with the National Grid UK Pension Scheme (NGUKPS), to invest GBP185 million in UK solar and onshore wind assets.
The fund, named Renewable Energy Income Partnership III (REIP III), is the third fund in Octopus Renewables’ institutional investor income partnership strategy.
Octopus has discretion in managing the 25-year mandate, which benefits from its attractive pipeline of opportunities and proven origination capability. Octopus Renewables is the largest commercial scale solar energy investor in Europe and has over GBP3.2billion of energy assets under management1.
REIP III is Octopus’ third institutional mandate that it has closed in renewable energy infrastructure in just over two years. All three mandates are managed by Octopus Renewables, a team of over 80 professionals with extensive experience in originating and managing European and Australian renewable energy assets.
Alex Brierley, Co-Head of Octopus Renewables, says: “We are delighted to embark on this long-term partnership with the National Grid UK Pension Scheme. With predictable income, diversification and sustainable investment all at the forefront of institutional investors’ minds, this commitment by NGUKPS shows that our Renewable Energy Income Partnership series continues to provide an attractive solution for investors.”
Deniz Sevincer, Co-Head of Institutional Funds at Octopus, says: “We recognise that each institutional fund mandate is unique. Our scale, experience and origination capability puts us in the unrivalled position to provide the flexibility needed to create a bespoke offering that matches the National Grid UK Pension Scheme’s objectives.”
Kilian Thevissen and Pravi Prakash from NGUKPS say: “We are pleased to have onboarded Octopus and look forward to working together on this important asset class.”