Octopus Energy said it will invest £2 billion in British clean energy projects by 2030
It has acquired 4 solar PV projects and a battery facility, developed by BayWa r.e.
Projects are scheduled to become operational between 2025 and 2026
British renewable energy group Octopus Energy has unveiled plans to invest £2 billion ($2.68 billion) into clean energy projects in the UK by 2030. It said investment will support projects that will contribute to the country’s energy security and also bring down electricity bills.
It made the announcement while sealing the deal on 4 new solar farms with a combined 222 MW capacity on behalf of the Octopus Energy Development Partnership (OEDP) and Sky Fund (ORI SCSp). These are being developed by BayWa r.e. in Bristol, Essex, East Riding of Yorkshire, and Wiltshire. Additionally, a 30 MW battery project is also on the list that’s co-located with one of these projects.
Construction on 3 of these sites will start during the latter part of 2024, while the 4th one will be built in 2025. All of the projects will come online between 2025 and 2026.
With the addition of a new 12 MW battery project in Cheshire, Octopus counts its UK portfolio as comprising 138 solar farms, 16 onshore wind farms, 3 offshore wind farms, 3 battery projects and thousands of rooftop solar projects.
Octopus Energy Generation CEO Zoisa North-Bond said, “This £2 billion investment in homegrown renewables will help boost our energy security and pave the way for a more affordable energy future. Solar and onshore wind are among the cheapest energy sources available. By building closer to demand, we can maximise green electricity when it’s abundant and lower bills for customers nationwide.”
Recently, Octopus also increased its stake in British solar and storage developer Exagen to 100% through its OEDP fund.
The company has big plans to expand its presence in the UK market. In 2022, it announced participation in the 10.5 GW Morocco-UK Power Project of Xlinks that aims to deliver wind and solar power from 3.6 GW capacity in Morocco to Great Britain via subsea cables (see Octopus Energy Joins Morocco-UK Power Project).
Octopus had earlier decided to invest €1 billion into the French green energy market by 2025 to accelerate France’s renewables rollout.