The UK’s largest electricity supplier Octopus Energy has made its first investment in US renewables, part of its target of investing $2bn in projects by 2030.
Octopus Energy has kicked off its market entry with the acquisition of two new solar farms – one in Ohio and another in Pennsylvania – with a combined capacity of 100MW.
These two solar farms were acquired from Vesper Energy Development, an experienced developer of renewable energy projects in the US and both solar farms have long-term energy supply deals in place.
This is the latest move in Octopus’ energy transition “investment spree” in North America, following deals with floating offshore wind technology company Ocergy and nature projects start-up Cultivo, in the US.
Octopus now manages a global solar power portfolio of 2GW.
It also has a further 1.7GW 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 Generation Investment Management, Canada Pension Plan Investment Board (CPP Investments) and San Francisco-based Galvanize Climate Solutions.
Greg Jackson, Founder of Octopus Energy, said: “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.”