By Sophie Smith
15/3/21
Nest has appointed Octopus Renewables to boost its investment in clean energy infrastructure, with £250m expected to be committed this year in the UK and Europe, as part of a potential £1.4bn investment by the end of the decade.
By investing directly in green energy generation, Nest stated that it will secure “stable, long-term returns” for pension savers, whilst also achieving its ambition of becoming a net-zero carbon investor.
The mandate will target deployment into renewable energy projects and the associated infrastructure, predominantly in the UK and Europe, to support the transition to a net-zero economy.
As part of this, Octopus Renewables will arrange investment deals directly with the owners of renewable infrastructure projects, negotiating bespoke deals to ensure members are suitably rewarded for injecting new funding.
RES and Octopus Renewables have signed a three-year management contract that will see the former supply inverter spares for the clean energy investor’s solar assets in the UK.
The agreement requires RES to own over 1000 spare parts that are compatible with Octopus Renewables’ inverter fleet and deliver these on-demand within a guaranteed time period.
The kit will provide availability improvement and commercial advantage for 640MW of assets.
To support this and other recent growth, RES opened an operations and maintenance site in Exeter earlier this year. The new 2000 square foot facility enables enhanced spare parts management for all RES’ clients as well as office facilities for the team locally, the company said.