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Orrick has advised Octopus Energy Generation, one of Europe’s largest investors in renewable energy with £4.4bn of green energy assets under management, on its entrance into the Italian green power market through an investment in solar and wind farm developer Nexta.
Octopus Energy Development Partnership (OEDP), which is managed by Octopus Energy Generation, is creating a joint venture with Nexta Capital Partners, a Milan-based renewables developer. OEDP invests in early stages of building green power and will provide funding to Nexta to secure land, grid connections, planning permission and local community engagement to get renewable projects to the ready-to-build stage.
The investment will be a boon for Italy’s energy transition and a further step towards its energy independence. It will create 1.1GW of new onshore wind, solar farms and energy storage in the south of Italy by 2025, eliminating an estimated 950,000 tonnes of carbon dioxide emissions per year.
Orrick’s renewable energy team advised Octopus Energy Generation on all aspects of the joint venture. The team was led by Adam Smith and supported by Sarah Teasdale, David O’Donovan and Junaid O’Balogun.