Octopus Energy’s generation arm has accelerated its Asian renewables plans with a solar investment in South Korea, set to help ramp up clean power in the country.
Octopus is working with local team Skygreen Energy to develop up to 20 small- to medium-sized solar farms in the next two years.
The new solar farms will generate 140MW of clean energy – enough power for around 45,000 homes a year.
Skygreen is planning to scale up to 500MW of solar, with ambitions to potentially branch out into other green technologies like energy storage and onshore wind farms in the future.
With an initial focus on the mid-western regions of South Korea, Skygreen aims to sell the clean power generated to technology, manufacturing and heavy industry companies, helping businesses slash their carbon footprint.
South Korea generates around 30% of its electricity from carbon-intensive coal.
However, the country has ambitious targets, planning to triple the share of renewables in energy from 10% to 33% by 2038.
The move follows Octopus’ investment in Deep Wind Offshore, an offshore wind developer with multiple projects in the pipeline in South Korea, and its investment in Japanese solar farm developer Yotsuya Energy.
This latest deal was made on behalf of the Sky fund (ORI SCSp), managed by Octopus Energy Generation.
Zoisa North-Bond, chief executive of Octopus Energy Generation, said: “After our first steps into investing in Asian renewables in Japan, we’re now switching on our latest venture in South Korea.
“With a huge appetite for clean power and a heavy reliance on fossil fuels, there’s vast potential to make a real impact.
“We’re looking forward to working with Skygreen to bring more solar power to South Korean homes and businesses, powering a cheaper and greener energy future for all.”
Jae Choi, chief executive of Skygreen Energy, added: “I’m honoured to lead Skygreen into a new era of sustainable growth with Octopus Energy Generation, a leading innovative investor worldwide.
“South Korea’s renewable energy sector holds immense potential to address the urgent challenges of climate change while also enhancing energy independence, job creation and technological progress.
“Skygreen will work closely with our talented team and stakeholders to build a cleaner and greener sustainable world for generations to come.”