Octopus Energy electrifies Italy’s rooftop solar sector with new investment

• Investment into solar developer Coralsun to build 150 MW new solar projects
• Taps into Italy’s sunny skies to bring hundreds of businesses cleaner energy
• Latest milestone in Octopus’ plans to invest €1bn in Italian renewables by 2030

London/Milan, Wednesday 2nd October 2024 – Octopus Energy’s generation arm electrifies Italy’s solar sector with a new investment to generate more clean, cheap power.

Octopus is investing in rooftop solar developer Coralsun, a newly set up business by local entrepreneurs, to help rapidly scale this technology in Italy.

Coralsun is set to create 150 MW of new solar projects in the next five years, with an initial focus on the north of Italy.

They’re targeting hundreds of energy-hungry commercial and industrial SMEs, such as logistics hubs, manufacturers and warehouses, enabling them to soak up the sunshine and turn it into savings.

The installations will be free for the companies taking part. Businesses will be able to lock in fixed prices for the solar energy over the long-term, allowing them to say goodbye to fluctuating energy bills.

Thanks to Italy’s streamlined permitting process for smaller distributed energy sources like these, the projects will be able to quickly connect to the grid.

It comes as Italy targets 65% of its electricity to come from renewable sources by 2030.

Octopus made this investment on behalf of the Sky (ORI SCsp) funds it manages.

Octopus has invested in several new wind, solar and battery storage projects across Italy over recent years, planning to invest €1bn in Italian renewables by 2030.

This is also the latest in a string of global deals Octopus has made in recent years to roll-out rooftop solar development, including in the US, Ireland, UK, Portugal and France.

Alex Brierley, Co-head of Octopus Energy Generation, said: “Businesses in sun-soaked Italy are sitting on a golden opportunity to harness what’s one of the cheapest energy resources - solar power. With electricity costs skyrocketing for businesses in Italy over the past few years, tapping into abundant solar resources will help cut costs for companies. This deal is a step towards us accelerating Italy’s green energy transition.”

Antonio Vallardi, Co-Founder of Coralsun, said: “We’re ready to help Italian commercial and industrial companies on their energy transition. The Italian solar market has developed significantly in recent years - and global events impacting energy costs have prompted companies to seek sustainable solutions, which solar power can provide. We proudly support Octopus’ mission to make renewable energy accessible to everyone - and our shared core values make Octopus the perfect partner to scale solar for businesses in Italy.”

-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

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