Octopus Energy turbocharges the UK’s green energy revolution with £2 billion investment by 2030

• Comes as it seals the deal on 4 new solar farms and breaks ground on a battery project - to power tens of thousands of homes
• Boosts investment into British renewables developer to build new green power
• Fast-tracks multiple onshore wind projects after Government planning reform

London/New York, 26 September 2024 – In a move set to power up Great Britain’s green energy future, Octopus Energy’s generation arm announces plans to pump £2 billion into UK clean energy projects by 2030.

Octopus seals the deal on four new solar farms being developed by BayWa r.e. in Bristol, Essex, East Riding of Yorkshire and Wiltshire. The solar projects will have a combined capacity of 222 MW, in addition to a 30 MW battery located on one of the sites.

Construction on three of these solar farms will start later this year and the fourth in 2025. Due to be operational between 2025-2026, the farms will produce power for 80,000 homes, slashing emissions equivalent to removing 35,000 fossil-fuel cars from the road every year.

This comes as the UK Government is targeting tripling solar capacity by 2030.

Octopus is also breaking ground on a new 12 MW battery in Cheshire, to store and zap enough power back into the grid to keep nearly 10,000 homes running a day. Batteries help balance the grid, storing green power when abundant so it doesn’t go to waste.

With these latest additions, Octopus now backs 16 onshore wind farms, 3 offshore wind farms, 3 battery projects, 138 solar farms, and thousands of rooftop solar projects in Britain.

The new solar farm deals were agreed on behalf of the Octopus Energy Development Partnership (OEDP) and Sky fund (ORI SCSp), managed by Octopus Energy Generation.

Octopus recently increased its stake in Exagen, a fast-growing British solar and storage developer, to 100% through its OEDP fund. It first invested in Exagen in 2022 and has upped this to speed up the rollout of new renewables projects in the UK.

Following the Government’s onshore wind planning reforms in England, Octopus is also submitting multiple applications for new wind turbines this year. These will join Octopus’ much-loved ‘Fan Club’ scheme, which gives customers close to the turbines up to 50% discounted rates when the wind is blowing.

Zoisa North-Bond, CEO of Octopus Energy Generation, said: “The UK is on the verge of a green energy revolution. This £2 billion investment in homegrown renewables will help boost our energy security and pave the way for a more affordable energy future. Solar and onshore wind are among the cheapest energy sources available. By building closer to demand, we can maximise green electricity when it’s abundant and lower bills for customers nationwide.”

-ENDS-

Notes to editors:

Press Contacts

Octopus Energy Group

Amy Boekstein

PR Manager

press@octoenergy.com

+44 (0)20 4530 8369

About Octopus Energy Generation

As Octopus Energy Group’s green generation arm, Octopus Energy Generation is driving the renewable energy agenda and building green power for the future. It is reshaping the market by leading the transition to a cleaner, greener future through renewable projects connected more deeply to customers and businesses. As one of Europe’s largest specialist renewables investors, it manages 3.8 GW of green energy projects like wind and solar farms in over 15 countries, worth £7bn ($9bn). These generate enough green power for 2.3 million homes every year - the equivalent of taking over 1 million petrol cars off the road.

Octopus comes up with innovative tech-enabled products to change ingrained thinking about energy, positively influence the net zero economy and deliver cheaper energy for customers. This includes the ‘Fan Club’, a world-first tariff providing discounted energy to people living near wind turbines when it's windy, which has seen 35,000+ requests for local wind turbines, and Winder (Tinder for Wind), Octopus’ tech platform to speed up new turbines development driven by community demand. For more information, check out our website.

About Octopus Energy Group

Octopus Energy is a global clean energy tech business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus delivers world-class customer service and cutting edge energy products to 8 million households globally. Its operations span 18 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £7 billion portfolio of projects.

Octopus has licensed its advanced data and machine learning platform, Kraken, to support over 54 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy. Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide.

For more information, check out our website