Octopus Energy Generation’s Sky fund (ORI SCSp) has surpassed £1 billion following £80 million funding from the Ireland Strategic Investment Fund (ISIF).
Launched in March 2021, the ORI SCSp is an “open-ended and evergreen” investment fund focusing on green energy transition projects.
According to Octopus, the fund has so far invested in nearly 30 projects across 9 countries, including Swedish and German onshore wind projects – such as the 22.4MW onshore wind farm located in Wörrstadt, Germany – as well as British and Dutch offshore projects and solar energy projects in Ireland and Japan.
Octopus said it aims to raise £3 billion for the fund by 2023, whilst broadening its geographical and technological footprint.
Octopus eyes Ireland’s renewable growth
The fund was able to reach surpass £1 billion funding, with thanks to the £80 million investment from the ISIF, which is a sovereign development fund managed by the National Treasury Management Agency (NTMA).
The ISIF is designed to support Ireland’s economy and its people’s employment and has a €1 billion (£869,000,000) climate investment programme, of which over half has already been committed.
Commenting on the investment, Paul Saunders, head of climate at ISIF said: “Given the urgency of climate change, we need large scale renewable energy assets to be deployed at scale and at pace. Octopus Energy Generation’s track record in delivering renewable energy infrastructure at scale, both in Ireland and internationally, will be a positive addition in helping Ireland deliver on its Climate Action Plan.”
Octopus has revealed that it will scale its investments in green energy projects “locally” which has led the company to open its first office in the Republic of Ireland – in Dublin – in the coming months.
Alex Brierley, co-head of Octopus Energy Generation’s fund management team added: “We’re seeing significant appetite from institutional investors to act as a catalyst in accelerating the green energy transition – and it’s brilliant to welcome ISIF on board as our latest investor.”
The UK and Ireland have also recently signed a memorandum of understanding (MoU) dubbed ‘Cooperation in the Energy Transition, Offshore Renewables and Electricity Interconnection’ that will see both countries increase cooperation for developing offshore renewable energy.