Octopus Energy’s generation arm has announced investments in two solar developers in Ireland and Portugal to create 250MW of new capacity.
It will enable the companies to build over 100 new solar projects on rooftops and sites of businesses said the company, reducing reliance on fossil fuels and boosting energy security.
In Ireland, it has taken a majority stake in Verde Energy Group, which installs energy efficiency solutions for a range of organisations, from local councils to large corporations.
Verde will use the investment to develop over 50 solar projects across the country by 2027, totalling 100MW of new solar energy.
In Portugal, Octopus has set up a joint venture with local entrepreneurs to drive the development of solar energy. The new company called SparkWave Energy will build over 50 solar sites by 2027, amounting to 150MW green energy.
As part of these deals, Octopus will finance solar installations with zero upfront costs to the business customers which receive them it said. The companies will benefit from solar power installed at their premises and sold back to them at an affordable rate through fixed Power Purchase Agreements (PPA).
“Verde and SparkWave are great partners to work with to scale this massive solar opportunity we’re seeing across many countries in Europe and beyond,” said Octopus energy generation chief executive Zoisa North-Bond.
“Projects like these are making the Emerald Isle even greener and helping sunny Portugal capitalise on its amazing sunny weather.
“We’re looking forward to scaling these ventures to bring cheaper, cleaner energy harnessing the power of the sun to even more businesses.”
Verde Energy Group chief executive Paul Martin said: “Having built this business over many years to be a leading renewables partner in the region, we knew that to capitalise on the opportunity, and support our existing and new clients, having the right partner was critical.
“Octopus not only provides the funding, but most importantly complements our ethos of doing the right things in the right way. Our team are all so excited about the future and we look forward to supporting businesses in Ireland on their decarbonisation journey.”
Co-founder of SparkWave Energy Diego Hernando Ortega added: “The solar energy sector is developing like never before in Portugal. Recent reforms have streamlined the market and combined with Portugal’s outstanding solar resources, there is significant potential to develop numerous solar projects. We’re thrilled to have Octopus’ backing as we roll out solar for organisations across the country.”
These latest two investments have been made by the Sky fund which is managed by Octopus Energy Generation.