Octopus Renewables Infrastructure Trust is to set up and fund Nordic Renewables, a new 400MW development platform focused on renewable energy assets in Finland.
Nordic Renewables Limited will initially target the development over the next three to five years of onshore wind farms and solar PV assets.
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 the other Octopus managed fund 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."