Octopus Energy Generation is acquiring a solar and battery project in California as part of a near $1bn investment drive into US clean technology.
The company said the solar-plus-storage project aims to turn the state’s abundant sunshine into clean, low-cost power and is expected to become fully operational by July 2026.
The deal forms part of a wider package of investments in California spanning carbon removal and heat battery technologies, according to Octopus.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Octopus and California are both leading the way in clean energy innovation. With supportive policy and world-class entrepreneurship in and around Silicon Valley, it’s an ideal place to back long-term investment partnerships that will benefit the UK economy.
“We’re excited to expand Octopus internationally, backing the booming U.S. clean tech sector while bringing innovation, growth and returns to the UK.”
Octopus said it will also back two carbon removal companies focused on grassland restoration and reforestation, as well as invest in heat batteries designed to replace fossil-fuel boilers in hard-to-electrify industries.
The investment builds on previous US deals and supports Octopus’s target to deploy $2bn into the US energy transition by 2030.
The announcement was made during the Governor of California’s visit to Octopus’s headquarters in London (pictured).