Octopus Energy ramps up Asian renewables push with South Korean investment

• Move to create 140 MW of new solar energy across the country in 2 years
• Comes as South Korea has ambitious targets to triple the share of renewables in energy to 33% by 2038
• Octopus’ latest step in Asia after entering Japan’s renewables market

London, 14 April 2025 – Octopus Energy’s generation arm accelerates its Asian renewables plans with a solar investment in South Korea, set to help ramp up clean power in the country.

Octopus has backed a highly experienced and expert local team – Skygreen Energy – to develop up to 20 small- to medium-sized solar farms in the next two years.

The new solar farms will generate 140 MW of clean energy – enough power for around 45,000 homes a year.

Skygreen is planning to scale up to 500 MW of solar, with ambitions to potentially branch out into other green technologies like energy storage and onshore wind farms in the future.

With an initial focus on the mid-western regions of South Korea, Skygreen aims to sell the clean power generated to technology, manufacturing and heavy industry companies, helping businesses slash their carbon footprint.

South Korea generates around 30% of its electricity from carbon-intensive coal. However, the country has ambitious targets, planning to triple the share of renewables in energy from 10% to 33% by 2038* – presenting a massive opportunity for solar energy.

The move follows Octopus’ investment in Deep Wind Offshore, an offshore wind developer with multiple projects in the pipeline in South Korea, and its investment in Japanese solar farm developer Yotsuya Energy.

This latest deal was made on behalf of the Sky fund (ORI SCSp), managed by Octopus Energy Generation.

Zoisa North-Bond, CEO of Octopus Energy Generation, said: “After our first steps into investing in Asian renewables in Japan, we’re now switching on our latest venture in South Korea. With a huge appetite for clean power and a heavy reliance on fossil fuels, there’s vast potential to make a real impact. We’re looking forward to working with Skygreen to bring more solar power to South Korean homes and businesses, powering a cheaper and greener energy future for all.”

Jae Choi, CEO of Skygreen Energy, said: “I’m honoured to lead Skygreen into a new era of sustainable growth with Octopus Energy Generation, a leading innovative investor worldwide. South Korea’s renewable energy sector holds immense potential to address the urgent challenges of climate change while also enhancing energy independence, job creation and technological progress. Skygreen will work closely with our talented team and stakeholders to build a cleaner and greener sustainable world for generations to come.”

Pranab Kumar Sarmah, founder of Skygreen Energy and GreenAge Capital, said “I thank Octopus Energy Generation to trust our competence of early-stage development to commissioning of renewable energy projects in Asia. We remain fully committed in helping South Korea to reach its sustainable energy goals, and aid in the country’s socio-economic progress.”

Octopus Energy Group first entered the Japanese market in 2022, setting up a joint venture with Tokyo Gas to supply households with green energy. The business has grown quickly in recent years, now supplying 370,000 customers across the country.

-ENDS-

Notes to editors

*Korean Ministry of Trade, Industry and Energy, 11th Basic Electricity Supply and Demand Plan (2024-2038), 21 February 2025

Press Contacts

Octopus Energy Group

Christina Hofmann

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 3.7 GW of green energy projects like wind and solar farms in over 15 countries, worth £7bn ($9bn/ €8.5bn). These generate enough green power for 2.4 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 37,000+ 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 9 million households globally. Its operations span 32 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 60 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.