What’s new at Octopus Energy Generation?
As we head into the new year, we reckon it’s high time we caught up with some exciting developments that have been going on in the wonderful world of Octopus Energy Generation. OEG is the tentacle of our business devoted to investing in, building, and managing renewable energy. They're one of the world's largest investors in green energy, focused on building clean power faster and better to driving the cost of energy down for customers.
Making waves in offshore wind
£3 billion in new investments, with plans to unleash £15b more worth in the next 5 years.
Ventures into the watery world of offshore wind took us to new heights over the last year. With one investment alone exceeding a billion pounds, we've propelled ourselves to the very forefront of the industry, fostering the growth of numerous wind farms and collaborating with a whole host innovative developers.
Central to our efforts was the introduction of our £3 billion offshore wind fund - but in truth, we’re only getting started. Looking ahead, we've set our sights on unleashing £15 billion in offshore wind projects by the year 2030. This should allow us to make a massive impact in the offshore wind industry.
The reality is that renewables are already the cheapest form of energy. So we need more wind and solar farms where communities want them, and we need to make the most of the renewables we already have
Exploring Africa’s green power with Idris Elba
With much fanfare (from our offices and beyond) we announced our HUGE collaboration to develop Sierra Leone’s first wind farm with none other than A-List actor Idris Elba. The project will start with five wind turbines built alongside solar generation and battery storage to accelerate the roll-out of renewable energy, and provide the local community in question with affordable, green energy. It’s a first-of-its-kind renewables project for the country in 2024, and we’re delighted that it marks our first foray into developing renewables on the African continent.
Successful sailing with our Fan Club
Continuing with our efforts to boost offshore wind, one of our proudest moments this summer was the inauguration of our first offshore wind ‘Fan Club’, which will enable customers who live on the coast to benefit from cheaper energy when their local offshore turbines are turning. This initiative emerged, in part, from the resounding success of our unforgettable boat trips, aimed at helping forge closer connections between people and their local wind resources. The Fan Club's rapid expansion has been a testament to the passion and support we're garnering from individuals and communities alike.
In tandem with the Fan Club's success, we've launched other innovative programs such as "Plots for Kilowatts" and our "Winder" platform. Plots for Kilowatts empowers communities and individuals alike, creating opportunities for people to participate in the renewable energy movement together, while the Winder platform opens up avenues for new onshore wind projects, making clean energy accessible to those who desire it. These campaigns are the next step in our mission to lower energy bills for local communities by building more onshore wind projects.
Onshore wind is extremely popular amongst the vast majority of the British public.
Expanding our commitment to renewable energy on a global scale, we've ventured into new markets, making substantial investments and forming partnerships across Asia and Europe. Our recent deal with a solar developer in Japan forms part of a £1.5 billion commitment in the region.
We're also making strides in European markets, including Germany, Ireland, Portugal, Sweden, and the Netherlands. There, we’ve supported over 100 innovative projects that benefit businesses by reducing their reliance on fossil fuels and cutting down on energy costs.
To fast-track the development of green energy projects across Europe, we've introduced a number of funds such as the Octopus Energy Development Partnership fund, which is designed to support groundbreaking projects that contribute to the region's renewable energy objectives. We’ve also kick-started our Octopus Energy Transition Fund, focused on supporting companies leading the way in the shift to a low-carbon economy.
Streamlining onshore wind
While offshore wind got a lot of attention over the last year, we didn’t forget about onshore wind either. Despite being one of the cheapest forms of generation, onshore wind has long been hampered by strict planning and slow grid connections. Recognizing the need for systemic change, we outlined a plan to cut industry red tape so we can exponentially speed up the process to connect new wind turbines. The plan is focussed on the UK, aimed at rapidly creating a greener, cheaper and more secure energy system, but many of our findings hold lessons for (and from) the rest of the world.
Staying in the UK’s onshore space, we’ve also entered into a partnership with turbine manufacturer EWT, designed to maximise the potential of existing wind turbines. We’re now working together to enhance the efficiency of up to 1,000 existing turbines (about a 10th of the UK’s onshore total) unlocking their capacity to generate even more clean, cheap energy. Why not check out our CEO Zoisa’s case for a paradigm shift in the way we harness onshore wind power.
This is a fossil fuel crisis – so to fix it, we need to quickly bring more home-grown cheap green energy onto the grid and into people’s homes. Only by weaning ourselves off gas imports can we bring energy bills down again and increase our energy independenceGeneration Ceo, Zoisa
All of these initiatives are integral to our overarching mission: to spearhead a transformation to a greener, cheaper, more secure global energy system by investing where it matters most. From Asia to Europe and Africa, we couldn’t be happier with the progress Octopus Energy Generation is continuing to make.
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