Octopus Energy 24th April

Wed, Apr 24th 2024 at 12:40 am - 2:00 am

Audrey McNair

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‘Making an impact through renewable energy’ was the subject of the most recent talk to members and guests of the club.

The speaker was Audrey McNair, a graduate of St Andrews university who, after a career in the financial services sector, is now a non-executive director of Octopus Renewables Infrastructure Trust plc (ORIT). Renewables provide a significant proportion of the country’s energy production: 40% came from renewable sources in 2023, of which 30% came from wind generation.

Renewables are a significant element of government commitments to achieve net zero by 2050. Investment Trusts, which have been in use for some 150 years, are now one of a number of parties involved in renewables projects. Octopus Energy Generation, the trust's investment manager, is a major domestic energy provider in the UK. ORIT finances a number of renewable energy projects including the Cumberhead wind farm in South Lanarkshire.

Constructed on a formerly heavily-mined area, Cumberhead is now contributing significantly to local community charity groups through the Cumberhead Community benefit fund. It will contribute some £250,000 per annum over the site's 30- year lifespan, thus making an impact on this former mining area.

The vote of thanks to the speaker was given by past president Kim Keble White.