Octopus Energy has announced a 600MW expansion of its renewable energy portfolio in Spain.
The new solar and battery storage projects will generate enough clean electricity to power over 2.3 million Spanish homes.
The investments made through Octopus Energy Generation’s £2bn Sky fund include newly acquired solar farms in Navarre and Albacete (pictured), generating a combined 100MW, plus a battery storage developer targeting 500MW of capacity over the next five years.
Octopus has recently invested in OneSolar, a Barcelona-based energy advisory firm aiming to help businesses build and run solar and battery projects more efficiently.
Since entering Spain three years ago, Octopus said it has rapidly grown its retail business, with over 350,000 customers. The company is expecting to reach one million customers by 2027.
Chief executive of Octopus Energy Generation Zoisa North-Bond said: “Spain’s appetite for the energy transition is truly remarkable.
“Following closely in the footsteps of the market disruption we led in the UK, Octopus Spain is unlocking the full potential of the country’s abundant clean energy – from cutting-edge battery storage and solar farms to cheaper electricity for households and businesses.
“Every project we deliver adds more green power to the system and brings smarter, more sustainable energy solutions to communities across Spain. And it’s been incredible to see the progress we’ve already helped achieve.”
These investments are the latest additions to Octopus Energy Generation’s portfolio in Europe. The company already manages more than 4.9GW of clean energy projects globally.