Octopus Renewables enters three new electricity supply deals in Sweden, Finland and Scotland
- Octopus Renewables, part of Octopus Energy Group’s generation arm, finds buyers for 3,000 gigawatt hours of renewable energy over next ten years
- Clients span sectors including building materials, retail energy and baby wipes
- Energy will be provided by wind farms in Sweden, Finland and Scotland
London, January 10th 2022 - Octopus Renewables, the renewable investment arm of Octopus Energy Group, has signed up three new corporate and utility power purchase agreements (PPAs) in November and December 2021 for businesses spanning retail energy, building materials and even baby wipes.
The deals will see wind farms in Finland, Scotland and Sweden provide over 3,000 gigawatt hours (GWh) of energy to corporate clients Eesti Energia, Owens Corning and Kimberly-Clark.
Eesti Energia will use the deal to switch more consumers onto green energy tariffs, while Owens Corning and Kimberly-Clark will harness the PPAs to decarbonise their European production.
Bringing renewable energy to Estonian consumers with Eesti Energia
Eesti Energia is the leading energy company in the Baltic region. Its deal with Octopus Renewables will take energy from its Finnish wind farm to directly supply 425,000 Estonian customers with clean energy. The deal will run for five years and involve supplying 1,400 GWh of energy to Eesti Energia. It is also one of the largest PPA deals signed in the Baltics and allows Eesti Energia to provide its customers with more clean energy, speeding up the green energy transition in Estonia.
Helping keep homes warm through insulation production with Owens Corning
Owens Corning, a global building and construction materials leader, has signed a deal with Octopus Renewables to take energy from its Ljungbyholm wind farm in southern Sweden. Owens Corning will be offtaking 1,500 GWh of renewable energy to help decarbonise its European operations and reach its sustainability targets.
Keeping bottoms clean and noses dry with Kimberly-Clark
Kimberly-Clark is the parent company of leading household brands including Andrex®, Kleenex® and Huggies®. The company will be matched with the Cumberhead onshore wind farm in South Lanarkshire in Scotland, using 160 GWh pa energy to power three of its manufacturing sites and two distribution centres in the UK. The deal means Kimberly-Clark will reduce its emissions by around 55,000 metric tons of carbon dioxide per year – the equivalent of taking about 40,000 passenger vehicles off the road every year.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “This assortment of PPA deals we’ve signed is a massive step forward for decarbonisation agendas across Europe – something that’s become even more important after COP26.
“To really clean up grids across the world, we need large energy users to commit to green energy and sign more PPAs like this to cover their production and provide more clean energy to their end customer. Eesti Energia, Kimberly-Clark and Owens Corning are ahead of the curve on making the switch, and we’re excited to start working with them.”
Frank O’Brien-Bernini, Senior Vice President and Chief Sustainability Officer, Owens Corning, said: “Increasing our use of renewable energy is a critical part of our plan to decarbonize our operations and reduce the embodied carbon of our products. This deal is one more step toward our 100% renewable electricity goal.”
Margus Vals, Member of the Management Board at Eesti Energia, said: “This landmark deal brings more green energy to consumers and helps to faster implement the green transition.”
Oriol Margo, Sustainability Leader, Europe, Middle East & Africa, Kimberly-Clark, said: “This PPA is the first of many that will be needed to deliver the energy transformation we are aiming for.”
Octopus Renewables manages more than 300 solar, onshore wind and biomass projects worth over £3.4billion. In July 2021 the company joined the Octopus Energy Group, bringing the supply and the generation side of energy together under one roof.
Notes to editors:
Octopus Renewables was advised exclusively by Our New Energy (ONE) on the Eesti Energia PPA structuring, origination and negotiation. ONE’s experience and market reach were especially important given the unique and innovative structure of this particular PPA, which enables Octopus Renewables to proactively manage the power price risk in this growing and changing market.
Octopus Energy Group
About Octopus Renewables
Octopus Renewables, part of Octopus Group, is a specialist clean energy investor. Launched in 2010 its mission is to accelerate the transition to a future powered by renewable energy. It has a diverse portfolio of assets with a capacity of over 3GW, making it one of the largest commercial solar investors in Europe and a leading investor in onshore wind.
Octopus is also leading the next wave of renewables being built across Europe without government subsidies. There is a significant opportunity to unblock much needed investment by building bespoke portfolios of renewable assets at scale, across technologies and countries, to create better outcomes for our investors.
About Octopus Energy Group
Octopus Energy Group is a global energy tech pioneer, launched in 2016 to use technology to unlock a customer focused and affordable green energy revolution. It is part of Octopus Group, which is a certified BCorp. With operations in 13 countries, Octopus Energy Group's mission is going global.
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 Electric Vehicles is helping make clean transport cheaper and easier, and Octopus Energy Services is bringing smart products to thousands of homes. Octopus Energy Generation is one of Europe’s largest investors in renewable energy, managing a £3.4 billion portfolio of renewable energy assets throughout the continent.
All of these are made possible by Octopus’s tech arm, Kraken Technologies, which offers a proprietary, in-house platform based on advanced data and machine learning capabilities, Kraken automates much of the energy supply chain to allow outstanding service and efficiency as the world transitions to a decentralised, decarbonised energy system. This technology has been licensed to support over 20 million customer accounts worldwide, through deals with EDF Energy, Good Energy, E.ON energy and Origin Energy.
In December 2021, Octopus Energy Group was valued at approximately $5 billion following a $600 million investment from Generation Investment Management and a $300 million investment from Canada Pensions Plan Investments Board. Both investors back businesses that drive sustainability, promote green energy and tackle climate change. It was the company’s third major investment round since launching to the market.
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