September 26, 2024: In a significant move to enhance Great Britain’s green energy future, Octopus Energy’s generation arm has announced plans to invest £2 billion in clean energy initiatives across the UK by 2030.
The company has finalised agreements for four new solar farms being developed by BayWa r.e. in locations including Bristol, Essex, East Riding of Yorkshire, and Wiltshire. These solar projects will collectively generate 222 MW, along with a 30 MW battery system at one of the sites. Construction on three of these solar farms is set to commence later this year, while the fourth will break ground in 2025. Once operational between 2025 and 2026, these farms are expected to power approximately 80,000 homes, reducing emissions by an amount equivalent to taking 35,000 fossil-fuel vehicles off the road annually. This initiative aligns with the UK Government’s goal to triple solar capacity by 2030.
In addition, Octopus is initiating a new 12 MW battery project in Cheshire, designed to store enough energy to supply nearly 10,000 homes each day. These batteries play a crucial role in balancing the grid by storing excess renewable energy for later use.
With these recent developments, Octopus now supports a total of 16 onshore wind farms, 3 offshore wind farms, 3 battery projects, 138 solar farms, and numerous rooftop solar initiatives throughout Britain.
The new solar projects were secured through the Octopus Energy Development Partnership (OEDP) and the Sky Fund (ORI SCSp), both managed by Octopus Energy Generation. Additionally, Octopus has increased its ownership stake in Exagen, a rapidly growing British solar and storage developer, to 100% through its OEDP fund. This investment, which began in 2022, aims to expedite the rollout of new renewable energy projects in the UK.
Following the government’s reforms on onshore wind planning in England, Octopus is also submitting several applications for new wind turbine installations this year. These new turbines will complement Octopus' popular ‘Fan Club’ scheme, which offers customers living near the turbines discounts of up to 50% when the wind is generating energy.
In the company’s official publication, Zoisa North-Bond, CEO of Octopus Energy Generation, said: “The UK is on the verge of a green energy revolution. This £2 billion 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.”
Octopus Energy's investment in clean energy projects is a significant advancement for the UK’s renewable energy goals. The development of new solar farms, battery storage, and wind projects will play a key role in reducing emissions and promoting sustainability, aligning with government targets for a greener future.
