UK’s Octopus Energy Acquires Two Solar Projects in US
The UK’s largest electricity supplier Octopus Energy has made its first investment in the US renewables, as it gears up its activities in the market with the target of investing $2 billion in clean energy generation projects by 2030.
Octopus Energy, which is a fully integrated global energy tech giant, announced that it would be kicking off its market entry with the acquisition of two new solar farms – one in Ohio and another in Pennsylvania. The projects have a combined capacity of 100 MW, enough clean energy to power 20,000 homes – equivalent to removing 36,000 petrol-guzzling cars from roads.
The above mentioned two projects – Gaucho Solar and Nestlewood Solar – were acquired from Vesper Energy, a developer, owner and operator of utility-scale renewable energy assets, Octopus said.
This is the latest move in Octopus’ energy transition investment spree in North America. It follows hot on the heels of its deals with floating offshore wind tech company, Ocergy, and nature projects start-up Cultivo in the US.
Octopus now manages a global solar power portfolio of 2 GW. It also has a further 1.7 GW of green energy projects such as onshore and offshore wind farms around the world, including in Europe and Australia, with projects in the pipeline in Asia and Africa too.
Octopus Energy Group also recently expanded its cutting-edge tech platform, Kraken, into North America, working with Tenaska in Texas to optimise battery storage and licensing the platform to Canadian municipal utility Saint John Energy.
Octopus is backed by some of the world’s most successful climate investors, including Generation Investment Management, Canada Pension Plan Investment Board (CPP Investments), and San Francisco-based Galvanize Climate Solutions.
Greg Jackson, Founder of Octopus Energy, said that their first US renewables investment is a major milestone for the company.
“As we supercharge our renewables deals worldwide, we are set to invest $2 billion 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,” Jackson said.
Octopus first set foot in the US in 2020 in Houston, Texas, with the launch of its retail energy business, closely followed by the launch of its US electric vehicles (EV) leasing arm.
Since then, Octopus has brought innovative smart tariffs to the market that unlock cheaper rates for customers whilst helping make the grid more resilient, including its innovative ‘Fan Club’ tariff, which offers cheaper rates when the wind is blowing.
Octopus in Germany
Octopus Energy made its debut in Germany by acquiring the 122 MW Schiebsdorf solar farm in Brandenburg, the largest in the company’s ever-growing renewables portfolio in Europe early this year. The site is currently under construction and expected to be completed later this year.
The company has also acquired the 20.8 MW Hartungshof solar farm in the vicinity of Saarbrücken in Saarland, which has been operational since March 2023.
The two solar farms will make a significant contribution to slashing carbon emissions in Germany. They will generate clean energy to power the equivalent of 55,000 German homes a year, or the same as removing 48,000 petrol cars from the road a year.
