British energy giant Octopus launches investment fund to power Asia with cheap, clean energy

London / Antalya, 10th November 2026 – Octopus Energy is helping to accelerate the clean power transition in Asia, launching a new fund to turbocharge low-cost, homegrown renewables – starting with a first investment in the Philippines. 

The Octopus Asia Electrification Fund (OAEF) will invest in local green energy developers to help them build out large numbers of clean energy projects. It is managed by Octopus’ generation arm which has over $11bn renewables projects globally. 

Octopus aims to catalyse $600 million from institutional investors to get these projects built, helping cut reliance on expensive fossil fuels and protect customers from energy price shocks. The Fund is already backed by $50 million from Japanese investors. 

Announced at COP31 in Antalya, Turkey, the Fund's first investment is in Octali Energy Development, a solar and storage developer based in Manila – marking Octopus' first move into the Philippines. 

Working with Octali’s experienced team on-the-ground, Octopus will help develop their targeted 450 MW of solar and 350 MWh of battery storage. These projects could generate enough clean electricity to power more than 300,000 Philippine homes every year by 2030.

This comes as polluting coal still makes up more than 60% of the country’s electricity, while 98% of its oil imports are from the Middle East. 

The Iran war exposed many South East Asian countries’ reliance on imported fossil fuels. With the region’s energy demand soaring, renewables could help meet this demand and boost energy security. 

As well as the Philippines, the fund will target opportunities in markets including Japan, South Korea, Singapore, Indonesia, Thailand, Malaysia and Vietnam. Alongside solar, onshore wind and storage, it will also explore microgrids, electric vehicle charging and other energy transition technology.

The launch is the latest step in Octopus Energy Generation's wider Asia strategy with its Singapore-based team. It already manages 2 GW of clean energy projects in development in Asia. These include deals with solar developers Yotsuya Energy in Japan and Skygreen Energy in South Korea, and offshore wind developer Deep Wind Offshore with projects in South Korea.

Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Asia is at the heart of the global energy transition. Demand for electricity is soaring, and countries across the region want cheaper, homegrown power so families and businesses aren't at the mercy of volatile fossil fuel prices.

“Our first investment in the Philippines is an exciting step. We’re now combining our experience in renewable energy across the region with capital to help ambitious local developers scale, bring more clean power to consumers, and help build Asia’s clean energy future.”

Reindustrialisation Minister Blair McDougall said: “It’s fantastic to see British companies like Octopus leading the way around the world, unlocking hundreds of millions in investment in clean energy and creating new opportunities in fast-growing markets across Asia.

“This is what our Modern Industrial Strategy is all about: British expertise and ambition going global, supporting good jobs and growth at home while helping our partners build cleaner, more secure energy and driving cutting-edge new technologies.”

ENDS 

Notes to editors:

The Octopus Asia Electrification Fund (OAEF) is also an Article 9 fund as defined by the EU’s Sustainable Finance Disclosure Regulation (SFDR), which means that making a positive impact is at its core.

Sources:

*Philippines coal consumption and production data, IEA

**The global energy crisis is foremost an Asian energy crisis and it needs an Asian response, World Economic Forum, July 2026

***Electrification and diversification can help address Southeast Asia’s growing energy security challenges, IEA, October 2026 

Press Contacts

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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 5.7 GW of green energy projects like wind and solar farms in 21 countries, worth £8.5bn ($11.4bn/ €9.8bn). These generate enough green power for 2.84 million homes every year.

Octopus comes up with innovative tech-enabled products to change ingrained thinking about energy, positively influence the net zero economy, deliver cheaper energy for customers and make it easier for everyone to be a part in the energy transition. This includes innovations like ‘The Collective’ – the UK’s first FCA-regulated investment platform launched by an energy supplier. It allows people to invest directly in renewable energy projects', like wind turbines or solar farms, from £25. The first two projects’ available shares sold out within 6 days, showing strong appetite for a new way to take part in the clean energy transition. For more information, check out our website. 

About Octopus Energy Group

Octopus Energy is a global clean energy and technology 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 11 million households globally.

The company is driving the electrification of heat and transport through smart tariffs and innovative clean tech, with operations spanning 27 countries and the entire energy value chain. It operates a £8.5 billion renewables portfolio as well as thriving EV leasing, heat pump, and solar businesses.

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.