Octopus Renewables plans to develop up to 500MW of new UK solar and storage capacity with Gridsource
Octopus Renewables, the specialist clean energy investment arm of Octopus Energy Group, has today announced a partnership with development specialist Gridsource, to pursue greenfield development and add to the grid up to 500MW of new solar projects and battery storage in the next five years.
The partnership targets to invest £250 million to construct these projects when they are fully permitted. The projects will be managed day-to-day by Gridsource and be added into Octopus Renewables' already considerable 1.2GW solar portfolio, which is the largest solar investment portfolio in Europe.
This partnership follows investments into Simply Blue Energy (a floating offshore wind developer), Eclipse Power Networks (an independent distribution network operator) and Zestec Renewable Energy (a C&I solar rooftop developer in the UK) earlier this year.
Octopus Renewables manages more than 300 solar, onshore wind and biomass projects worth over £3.6billion. In July the company joined the Octopus Energy Group, bringing the supply and the generation side of energy together under one roof.
Gridsource is a specialist in the development, design, construction and asset management of energy projects in the UK.
Peter Dias, Investment Director at Octopus Renewables, comments: “UK solar and battery capacity are key assets to bolster in the move to a decentralised, green grid. We’re excited to be partnering with Gridsource and expect that this partnership will allow our funds to invest £250 million into these projects around the UK to bring even more renewable energy projects online and speed up the transition to a clean energy future.”
Steven Gay, Development Director at Gridsource, comments: “Solar and battery storage developments play a pivotal role in the transition to a clean energy system. We’re delighted to be partnering with Octopus Renewables, an organisation that owns the largest solar investment portfolio throughout Europe, and excited to be part of the transition towards net zero. ’’
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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 12 countries, Octopus Energy Group's mission is going global.
Octopus’s domestic energy arm already serves 3.1 million customers with cheaper greener power. Octopus Energy Generation is one of Europe’s largest investors in renewable 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, a firm co-founded and chaired by Al Gore that backs businesses that drive sustainability and the fight against climate change. It was the company’s third major investment round since launching to the market.
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