Octopus Energy’s generation arm – which manages £6bn of green energy assets globally – has announced its investment in Japanese solar developer Yotsuya Capital with the aim to accelerate the country’s energy transition.
The deal marks Octopus’ first step into the Asian renewables market, with further projects already in the pipeline in Japan and across the continent.
The initial seven figure investment, which was made on behalf of the Sky fund (ORI SCSp) which is managed by Octopus Energy Generation, will enable Yotsuya Capital to develop 250MW of new solar farms in Japan in the next five years.
Yotsuya Capital is a renewable energy developer with a core focus on solar energy, based in Tokyo.
It is looking to develop solar farms in all regions of Japan, on sites where solar can add value to surrounding areas. Yotsuya plans to sell the energy generated in the form of long-term corporate PPAs.
Zoisa North-Bond, chief executive of Octopus Energy Generation, said: “There’s a huge opportunity to help meet Japan’s renewables targets and accelerate its clean energy transition.
“This investment in fast-growing solar developer Yotsuya is our first step into Asian renewables – and it’s only the beginning. We’ve got big plans to scale our team in Asia, and invest in and build even more green power across the continent.”
Toshiaki Isoi, chief executive and representative member of Yotsuya Capital added: “This funding from Octopus is transformational for us.
“It means we can accelerate our growth to the next level and develop much more solar across Japan in the coming years.
“It helps us contribute to Japan’s net zero target by 2050 while also making a positive impact on the local community.”