Octopus’s plans are twofold: firstly by taking an active role through investment as others develop new technologies that will make cities cleaner while supporting economic growth; secondly, it has established Octopus Connections with Nest Investments (a pension fund managing £5 billion of assets) so ordinary people can benefit from this work too.
These funds are being invested into the two plants, located in Brigg (40.8MW) and Snetterton (44.9MW). Both are fuelled by a mixture of locally sourced biomass feedstocks, and have been acquired by funds managed by Octopus. One of these includes a recently announced fund that is being put together for UK workplace pension provider Nest.
The £162m Brigg plant and the £175million Snetterton Plant, both completed in 2016-2017 were built as joint ventures.
Reaching a capacity of 85.7MW, Octopus is the largest biomass operator in Britain, and claim that they are happy to be managing both sites, adding to the five biomass plants that it currently manages across the UK.
The newly formed global renewable energy company, Octopus Renewables, was advised by Burges Salmon and EY on its merger with CIP. Partnering with Rothschild & Co for financial advice and Herbert Smith Freehills providing legal counsel aided in the successful implementation of this deal.
The specialist clean energy provider secured the plants from a joint venture by Danish firms. Copenhagen Infrastructure Partners (CIP) and Burmeister & Wain Scandinavian Contractor came together to finish this project, which is designed with wind-farm technology that will supply electricity all year round.
The specialists at Clean Energy Group have looked for opportunities in order to provide sustainable solutions around the world when it comes to emerging markets needing power grids built out of renewable sources like hydroelectricity or solar panels on rooftops as opposed fossil fuels such as coal or natural gas. Their latest endeavour resulted in securing two new offshore projects off Denmark’s coast: The first one uses traditional land based turbines while the second plant utilises innovative technologies developed specifically for use in marine environments.
Nest, which manages £16bn of assets from the UK’s auto-enrolment scheme, has entered into a partnership with Octopus Renewables in order to invest £1.4 billion into European renewables by 2020. The Nest team will benefit greatly from their expertise and banking contacts as they work alongside Novus Energy Partnerships on investments worth up to €5 million (£3m) each.