Octopus Energy’s generation arm has invested in Iberian renewables developer FF New Energy Ventures (FFNEV), which has a 2100MW projects pipeline.
The Octopus Energy Development Partnership (OEDP) investment in Spanish-founded FFNEV will scale activity in Spain and Portugal and accelerate expansion into new European countries and Latin America in the future, Octopus Energy stated.
With the latest funding the company is targeting 1.6GW new solar and storage sites in these markets by 2030.
FFNEV is also participating in floating offshore wind development with a target of 5GW.
Spain is one of Europe’s most active solar markets, with 15GW of solar capacity and Portugal has 2GW of solar power.
The €220m OEDP fund, which was launched in September this year and is managed by Octopus Energy’s generation arm, invests in early stages of new green energy generation.
OEDP has so far invested in UK renewables developer Exagen to build one of Britain’s largest batteries and in Nexta to create 1.1GW of green energy in Italy.
The partnership with FFNEV marks the fund’s third investment, with more coming up across Europe.
Vicente Lopez-Ibor Mayor, Chairman of FFNEV, said: “We founded and started FFNEV in 2018 and have been busy developing a top quality pipeline in Iberia, driven by our successful, recognised and experienced team.
“We’re delighted to be building on our long-standing relationship with Octopus and have no doubt this latest backing will accelerate FFNEV’s growth in Iberia and abroad.”