COP26: Octopus Energy launches ‘Fan Club - The Collective’ with £4bn investment pledge in people-led renewable energy
- Global people-focused project will power 2.5 million homes by 2030
- ‘Fan Club - The Collective’ will be funded by institutional and retail investors in what will be a world leading proposition
- Initial investment of £10m to support onshore wind energy projects, bringing Octopus’s popular wind tariff ‘The Fan Club’ to six further UK communities through 2022
Glasgow, 9th November 2021 - Octopus Energy Group today announces it will raise and create £4 billion of global people-led renewable energy projects through ‘Fan Club - The Collective’ by 2030. The initiative will be world leading in combining institutional and retail money to grow green energy projects at scale.
To kick the pledge off - an investment of £10 million has already been secured to expand Octopus Energy’s local wind power tariff ‘The Fan Club’, growing it from two turbines to eight. The tariff enables communities close to the dedicated wind turbines to benefit from cheaper rates when the turbines are spinning, which is 80 percent of the time.
Following ‘The Fan Club’ model, ‘Fan Club - The Collective’ will initially focus on onshore wind before expanding to solar energy. The solar projects will connect customers to local solar farms so that they benefit from cheaper green power when the sun is shining.
Octopus Energy plans to supply around 2.5 million households with green power through ‘Fan Club - The Collective’ by 2030. The move demonstrates Octopus’s ambition to back decentralised energy generation globally, ensuring the cheapest electron is also the greenest electron for customers wherever they are in the world.
‘Fan Club - The Collective’ is part of Octopus Energy Group’s wider plan to create 18 gigawatts of clean energy generation projects by 2027, representing enough power for 10 million homes and an investment of £20 billion.
Zoisa North-Bond, CEO of Octopus Energy Generation, the arm of Octopus Energy Group that will manage ‘Fan Club - The Collective’, comments:
“We are pledging to create a whopping £4 billion of people driven clean energy projects over the next decade. In order to do that we’ll be bringing the worlds of energy technology and institutional investment together, and opening up the opportunity for anyone who wishes to invest in energy projects.
“Our wind turbine tariff ‘The Fan Club’ has changed the way that people living near to them think about energy. By matching this generation with our proprietary technology platform Kraken, we’re making sure that the cheapest electrons are also the greenest electrons and the ones to travel the shortest distance.
“Soon even more customers will be able to join our people-driven green energy tariffs, helping out their pockets and the planet.”
If you have a wind or solar project you’d like to talk to us about, please visit www.octopus.energy/octopus-collective/.
Notes to editors:
Octopus Energy’s ‘The Fan Club’ tariff lets customers benefit from cheaper power when the wind is blowing. Credit: Octopus Energy Group
About Octopus Energy Group
Octopus Energy Group was launched in 2016 with a vision of using technology to make the green energy revolution affordable whilst transforming customer experiences. It is part of Octopus Group, which is a certified BCorp. Octopus’s domestic energy arm already serves 3.1 million customers with cheaper greener power, through Octopus Energy, M&S Energy, Affect Energy, Ebico, London Power and Co-op Energy.
Octopus Energy Generation is Europe’s largest investor in solar energy, managing a £3.4bn portfolio of renewable energy assets throughout the continent.
In September 2021, Octopus Energy Group was valued at $4.6 billion after taking $600 million investment from Generation Investment Management co-founded and chaired by Al Gore, closing its third major investment round since launching to the market. With operations in the US, Japan, Germany, Spain, New Zealand and Australia, Octopus Energy Group's mission to drive the affordable green revolution is going global.
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