In a significant move to advance the UK renewable energy sector, Octopus Energy’s generation arm has announced a massive £2bn investment into clean energy projects by 2030.
This development marks a major step in Britain’s transition towards green energy, aligning with government goals to enhance the nation’s solar and wind energy capacity.
Zoisa North-Bond, CEO of Octopus Energy Generation, emphasised the significance of the investment: “The UK is on the verge of a green energy revolution.
“This £2bn investment in homegrown renewables will help boost our energy security and pave the way for a more affordable energy future.
“Solar and onshore wind are among the cheapest energy sources available. By building closer to demand, we can maximise green electricity when it’s abundant and lower bills for customers nationwide.”
New solar farms to power 80,000 homes
As part of this ambitious investment, Octopus Energy has finalised deals for the development of four new solar farms, which are being constructed in partnership with renewable energy developer BayWa r.e.
These solar projects will be located in Bristol, Essex, East Riding of Yorkshire, and Wiltshire, contributing significantly to the UK’s renewable energy landscape.
Combined, these solar farms will deliver a total capacity of 222 MW. Additionally, a 30 MW battery will be installed at one of the sites to store surplus energy and ensure a stable supply.
Construction for three of these farms is set to begin later this year, with the fourth starting in 2025.
The farms are expected to be operational between 2025 and 2026 and will collectively generate enough electricity to power 80,000 homes.
The environmental impact of these projects is also significant, with the power generated by the new solar farms expected to offset emissions equivalent to taking 35,000 fossil fuel cars off the road annually.
Supporting the UK’s solar capacity targets
This move by Octopus Energy comes as the UK Government pushes forward with its ambitious goal of tripling the country’s solar capacity by 2030.
Solar energy is becoming a cornerstone of UK renewable energy efforts, and Octopus’ latest investments are a key contribution to meeting these national targets.
With the expansion of solar farms across multiple regions, the UK is positioning itself as a leader in renewable energy, and Octopus Energy is helping drive this forward with its substantial financial backing and strategic developments.
Battery storage to strengthen the energy grid
In addition to solar projects, Octopus Energy is expanding its energy storage capabilities. The company is beginning construction on a new 12 MW battery in Cheshire.
This battery will have the capacity to store enough energy to power nearly 10,000 homes daily, playing a crucial role in balancing the grid by storing excess green energy when it’s abundant and releasing it when demand increases.
This type of energy storage is vital for ensuring that renewable energy sources like solar and wind are fully utilised, preventing waste and ensuring consistent power supply even when the sun isn’t shining or the wind isn’t blowing.
A growing portfolio of renewable energy projects
With these latest developments, Octopus Energy is further solidifying its position as a leader in UK renewable energy.
The company now supports 138 solar farms, 16 onshore wind farms, three offshore wind farms, and three battery storage projects across Britain. In addition, they manage thousands of rooftop solar projects, reflecting their wide-reaching influence in the sector.
Octopus Energy’s renewable investments are managed under its Octopus Energy Development Partnership (OEDP) and Sky fund (ORI SCSp).
The company recently increased its stake in Exagen, a British solar and energy storage developer, to 100% through the OEDP fund, signalling its commitment to accelerating renewable energy development.
Alongside its solar and battery projects, Octopus Energy is continuing to expand its wind energy portfolio.
The company plans to submit applications for new wind turbine installations following recent reforms to onshore wind planning in England.
These new turbines will be part of Octopus’ innovative ‘Fan Club’ scheme, which offers customers living near the turbines discounts of up to 50% on their energy bills when the wind is strong.
Octopus Energy’s £2bn investment is a significant boost for the UK renewable energy sector, reinforcing the country’s commitment to achieving its clean energy goals.
Through new solar farms, battery storage systems, and wind energy projects, Octopus is driving innovation and ensuring a greener future for the UK.
