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News

219 days ago

OCTOPUS ENERGY VENTURES INTO US RENEWABLES WITH FIRST INVESTMENT

Industry News

Source reNews - Octopus Energy makes first US renewables investment - Renewable Energy News - reNews

Octopus Energy, the UK's leading electricity supplier, has ventured into the US renewable energy market, marking the beginning of its $2 billion investment plan to be completed by 2030.

The company's entry into the US market includes acquiring two solar farms—one in Ohio and another in Pennsylvania—collectively capable of producing 100MW. These farms were purchased from Vesper Energy Development, a seasoned US renewable energy developer, and come with established long-term energy supply agreements.

This acquisition is part of Octopus Energy's ongoing investment surge in North American energy projects, following recent partnerships with Ocergy, a floating offshore wind technology firm, and Cultivo, a nature projects start-up.

Globally, Octopus Energy now manages a solar power portfolio of 2GW. In addition, it oversees 1.7GW of green energy projects, including onshore and offshore wind farms, across Europe, Australia, and future ventures in Asia and Africa.

The company has also introduced its advanced technology platform, Kraken, to North America. In collaboration with Tenaska in Texas, Kraken optimizes battery storage, and it has been licensed to the Canadian municipal utility Saint John Energy.

Octopus Energy's investors include Generation Investment Management, the Canada Pension Plan Investment Board (CPP Investments), and San Francisco-based Galvanize Climate Solutions.

Greg Jackson, the Founder of Octopus Energy, stated, “

“Our first US renewables investment is a major milestone for us. As we supercharge our renewables deals worldwide, we’re set to invest $2bn into the US clean tech market over the next few years. Green energy isn’t just the future, it’s the most cost-effective energy source here and now. The more we build, the faster we can power up a cheaper, greener energy system for everyone.”

Source - reNews

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