Octopus Renewables Infrastructure Trust plc plans to invest up to £2 million in the next two years to set up and fund a new development business, focused on building 350MW of new ground-mounted solar PV and co-located battery storage assets in the UK.

A newly formed specialist developer, BLC Energy Limited, managed by “a team of industry veterans with deep knowledge of the UK electricity grid”, will provide development services.

ORIT will initially invest £700,000 with an expected total investment of up to £2 million to support the the business until the end of 2025. The new venture will target an initial pipeline of over 350MW of projects in development. At the end of the development process ORIT will have the option to build or sell the projects.

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, said: “This latest investment into a new development platform for solar PV and battery storage assets is an exciting addition to ORIT’s portfolio. Investing in the early stages of creating new renewable energy projects brings huge growth opportunities for ORIT, both from value creation through successfully delivering projects, and from the exclusive opportunity to invest into the construction of the sites once they are ready to build.”