Renewable energy investor Octopus Investments has increased its pipeline of operational and construction ready projects that its has exclusivity to acquire to 333MW.
Octopus said that also including projects that it has submitted non-binding offers for, this represents investments of £1.7bn (€1.9bn).
Projects in the pipeline include solar and onshore wind in the UK, France and Spain.
Octopus said that in addition it has identified a further £2.2bn of operational and construction ready renewable energy investments in the UK, Finland, France, Germany, Ireland, Italy, the Netherlands, Poland, Spain, Sweden and Australia that are potentially suitable for acquisition.
It said the company has to date committed approximately 59% of the net proceeds raised at its IPO in December 2019 and the board and the investment manager are confident that the balance of the proceeds will be committed by early autumn.
Octopus said that the majority of the recent energy price falls as a result of lower demand because of Covid-19 have been incorporated into the prices paid for investments.
Octopus Renewables Infrastructure Trust chairman Phil Austin said: “The board is encouraged by the progress that the manager has and continues to achieve, including the development of the pipeline since IPO.
“We are pleased to be able to re-confirm our dividend guidance today and look forward to updating shareholders as the Company continues to make further progress.”
Octopus Renewables investment director Chris Gaydon said: “Our pipeline of potential investments has continued to grow and, aligns with the company’s strategy of targeting investments that are diverse in both geography and assets.
“We are seeing a broad range of opportunities and are actively pursuing several further potential investments for the company.
“This will enable us to achieve our goal of unlocking value in the renewable infrastructure sector, while contributing to the efforts to combat climate change.
“We monitor the potential impact of the Covid-19 pandemic on our assets and pipeline on an ongoing basis.
“To date, the operability of our solar farms has not been materially affected.
“We are continuing to work closely with our construction partners on the Ljungbyholm wind farm in Sweden and can confirm the project is on schedule.”