Octopus Receives 400 Million Pounds of Project Finance for Solar

Octopus Investments Ltd., a London-based fund manager, got 400 million pounds ($618 million) of project finance from a syndicate of banks to invest in U.K. solar energy.

The financing “attracted strong interest from banking and institutional investors, closing well oversubscribed,” Royal Bank of Scotland Plc and Investec Bank Plc -- leading the group of lenders -- said in a statement.

Octopus plans to invest in 74 operating solar projects already owned by funds that it manages. The sites, developed by Lightsource Renewable Energy Ltd. and totaling 522 megawatts in capacity, are spread across the southeast and west of the U.K. and benefit from a guaranteed price for power under the government’s Renewables Obligation program.

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