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National Grid has given a mandate to Octopus Renewables to invest up to £185 million from its corporate pension scheme for the UK over the next 25 years.
The assets will be held by a new fund named Renewable Energy Income Partnership III. As the name suggests, it will be the third such fund to be created and managed by Octopus Renewables.
“We are delighted to embark on this long-term partnership with the National Grid UK Pension Scheme (NGUKPS),” said Alex Brierley, co-head of Octopus Renewables.
“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, added: “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.”
Octopus Renewables already manages 2.5GW of generation assets.
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