International law firm Osborne Clarke has advised Octopus Renewables Infrastructure Trust in the set up and funding of Nordic Renewables with a €3.5m investment.
Nordic Renewables is a new 400MW development platform focused on renewable energy assets in Finland. Over the next three to five years it will target the development of onshore wind farms and solar PV assets.
The Osborne Clarke team was led by head of decarbonisation James Watson supported by energy associate director Amy Stray and included UK head of energy and utilities Matthew Lewis, corporate associate director Alex Underwood, construction associate director Duncan Parker, energy and finance associate Shraiya Thapa, tax associate director Rob Thomas and tax Partner Mathew Oliver. Partner Julian Hemming advised on employment matters with associate Zoe Marks.
Also advising was Finnish law firm Borenius with a team including Christian Fogelholm and Iida Mäkimattilaa advising on project development in Finland, and . Einari Karhu and Mikko Vesikivi advising on tax.
The €3.5m investment is made alongside an equal amount from another fund managed by Octopus Renewables.
Nordic Renewables will benefit from an exclusive joint development arrangement with Nordic Generation, a specialist developer focused on the Finnish market and managed by a team of industry veterans from the UK and Finland.
ORIT and Sky Renewables Octopus will benefit from preferential rights to finance the construction of the projects reaching ready to build stage.
Octopus Renewables Infrastructure Trust chairman Phil Austin said: "We are delighted to announce this investment, alongside another Octopus Managed Fund, to set up and manage a new platform for renewable energy assets in Finland working with Nordic Generation.
"We feel this opportunity is extremely attractive as it has the potential to provide ORIT with additional exposure to assets in construction and to broaden the Company’s pipeline."
James Watson said: "This deal is a great example of geographic diversification providing opportunities for renewable generation and a further step toward net zero. We are delighted to have supported ORIT an Sky on their joint venture into the Nordics and look forward to development of renewable projects in Finland over the next few years."
Osborne Clarke has an established and well-respected position as one of the leading law firms advising on renewable energy projects and transactions. As businesses strive to meet the challenges of decarbonisation, Osborne Clarke is supporting its clients on projects to procure, fund and develop the sustainable infrastructure, buildings and land use of the future. The team’s experience and understanding of the energy sector means they are well placed to advise on your decarbonisation journey.