Octopus Renewables acquires minority stake from Mirova in 85.8MW Swedish wind farm

Published on 05/19/2021 Press releases

Octopus Renewables, the specialist clean energy investor arm of Octopus Group, and Mirova, today announced the acquisition of a 49% stake in the Rodene onshore wind farm by Octopus Renewables from Mirova.

Mirova

The onshore wind farm, located outside Alingsås in Västra Götaland, Sweden, is currently under construction by RES under an engineering, procurement and construction (EPC) contract. The wind farm will be fully operational in the second half of 2022*.

Once operational, Rodene will compromise 13 wind turbines with a total capacity of 85.8MW, the equivalent of powering 40,000 homes in Sweden, resulting in a yearly saving of 230,000 tons of CO2 equivalent*.

Octopus Renewables is the largest investor of utility scale solar power in Europe, as well as a leading investor in onshore wind and biomass, managing a global portfolio valued at more than £3 billion.

Peter Dias, Investment Director at Octopus Renewables, comments:

“We are pleased to partner with Mirova, a like-minded and certified B Corp investor, who share our passion for driving the energy market towards a future powered by renewable energy. This transaction marks an important milestone for our team, as our second investment in onshore wind in Sweden, and we hope to continue to build our presence in the region. It also marks the continuation of our relationship with RES, who currently manage 17 other wind farms for Octopus.

“We look forward to working with both Mirova and RES as we progress with the construction phase of Rodene.”

Mirova has been committed to increasing local production of renewable energy in the Nordics for more than 10 years and acquired Rodene Wind Farm from RES in April 2020. It was the first project in Sweden for Mirova-Eurofideme 41, the energy transition fund which closed in November 2019 and is now almost fully deployed.

Raphael Lance, Head of Energy Transition Funds at Mirova added:

“We are pleased to announce this first co-investment with Octopus Renewables - an experienced player in European renewable energy space and a long-term partner of RES. Octopus and Mirova share a common approach to European renewable assets, and we are looking forward to reproduce the co-investment scheme when it comes to future acquisitions.”

[1] Mirova Eurofideme 4 is a Société de Libre Partenariat (French limited partnership) governed by French law and not subject to the approval of the French Financial Markets Authority. It is reserved for institutional investors only, under the MiFID. Mirova Eurofideme 4 is managed by Mirova and closed to new subscribers. The fund is exposed to capital loss risk.
* The mentioned perspectives reflect the opinion of MIROVA at the date of this document and are likely to change without notice.
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