Octopus Renewables Infrastructure Trust Plc (LON:ORIT) said it plans to invest 3.5 million euros ($3.8 million) to build a Finnish renewable energy development platform focused on wind and solar energy.

The platform, called Nordic Renewables Ltd, will initially seek to develop around 400 MW of wind and solar photovoltaic (PV) projects in Finland over the next three to five years. The new company will benefit from an exclusive joint development arrangement with UK developer Nordic Generation Ltd, which operates primarily in Finland.

In addition to ORIT's commitment, Nordic Renewables will receive an equivalent contribution from another fund managed by clean energy investor Octopus Renewables Ltd. Therefore, funds managed by ORIT and Octopus will have priority to finance the construction of the platform projects.

Phil Austin, chairman of ORIT, said: "We think this opportunity is very attractive because it has the potential to provide ORIT with more exposure to construction assets and broaden the company's pipeline."

ORIT invests in renewable energy assets in Europe and Australia. Its financial report shows that the closed-end investment company has 31 assets with a combined capacity of 494 MW at the end of 2021. (1.0 EUR = 1.090 USD)