The National Grid UK Pension Scheme has awarded a £185m (€217m) mandate to Octopus Renewables to invest in UK solar and onshore wind assets.
The 25-year, discretionary mandate will be structured as a fund, Renewable Energy Income Partnership III.
It is Octopus’ third institiutional mandate for renewable energy in just over two years.
In 2018, the specialist fund manager secured £107m for Renewable Energy Income Partnership II from Korea Investment & Securities.
All three mandates are managed by a team of over 80 professionals with experience in originating and managing European and Australian renewable energy assets.
Alex Brierley, co-head of Octopus Renewables, said: “We are delighted to embark on this long-term partnership with the National Grid UK Pension Scheme.
“With predictable income, diversification and sustainable investment all at the forefront of institutional investors’ minds, this commitment… 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, said: “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.”
Kilian Thevissen and Pravi Prakash from National Grid UK Pension Scheme said: “We are pleased to have onboarded Octopus and look forward to working together on this important asset class.”
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