UK based energy company Octopus Energy Generation has once again entered the Italian renewables market, this time under a joint venture (JV) with local wind and solar power developer Nexta Capital Partners to create 1.1 GW new onshore wind, solar farms and energy storage capacity in Italy by 2025.
Octopus will be part of the JV through Octopus Energy Development Partnership (OEDP) that manages €220 million finance to build green power. The JV will build this 1.1 GW capacity that can power 1.2 million homes, thereby helping Italy 'wean itself off gas and lower future energy bills'.
Under the arrangement, Nexta will secure land, grid connections, planning permission and local community engagement to progress the projects to ready-to-build (RTB) stage. OEDP will fund Nexta for these efforts.
"Onshore wind and solar are some of the cheapest forms of energy – and Italy can generate it right on their soil. To avoid a repeat of the energy crisis, it's essential we turbocharge the creation of new renewable energy and shift to a low carbon energy system," said CEO of Octopus Energy Generation, Zoisa North-Bond.
Octopus Energy entered the Italian renewables market in 2017 to build 173 MW solar which it then sold in February 2021. "Re-entering Italy's green energy generation market marks the latest step in Octopus' strategy in Italy," stated Octopus.
The development follows the current energy crisis Europe is facing for its reliance on Russian gas, including Italy that reduced its dependence on Russia from 40% in 2021 to 25%, according to a Reuters report. The country is also easing renewables penetration with government support. In August 2022, it invited applications to access funds for 375 MW agrivoltaic projects (see Italy Opens Funding Round For 375 MW Agrisolar).
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