- Octopus enters US renewables market with acquisition of two solar farms
- Energy tech giant targeting $2 billion investment in US renewables by 2030
- Next step in Octopus’ plans to turbocharge its activity across North America
London, 18 June 2024 – The UK’s largest electricity supplier Octopus Energy has made its first investment in US renewables, as it gears up its activities in the market with the target of investing $2 billion in generation projects by 2030.
The fully integrated global energy tech giant is kicking off its market entry with the acquisition of two new solar farms – one in Ohio and another in Pennsylvania. The projects have a combined capacity of 100 MW, enough clean energy to power 20,000 homes - equivalent to removing 36,000 petrol-guzzling cars from roads.
This is the latest move in Octopus’ energy transition investment spree in North America. It follows hot on the heels of its deals with floating offshore wind tech company, Ocergy, and nature projects startup Cultivo in the US.
Octopus now manages a global solar power portfolio of 2 GW. It also has a further 1.7 GW of green energy projects such as onshore and offshore wind farms around the world, including in Europe and Australia, with projects in the pipeline in Asia and Africa too.
Octopus Energy Group also recently expanded its cutting-edge tech platform, Kraken, into North America, working with Tenaska in Texas to optimise battery storage and licensing the platform to Canadian municipal utility Saint John Energy.
Octopus is backed by some of the world’s most successful climate investors, including Generation Investment Management, Canada Pension Plan Investment Board (CPP Investments), and San Francisco-based Galvanize Climate Solutions.
Greg Jackson, Founder of Octopus Energy, said: “Our first US renewables investment is a major milestone for us. As we supercharge our renewables deals worldwide, we’re set to invest $2 billion into the US clean tech market over the next few years. Green energy isn’t just the future, it’s the most cost-effective energy source here and now. The more we build, the faster we can power up a cheaper, greener energy system for everyone.”
Octopus first set foot in the US in 2020 in Houston, Texas, with the launch of its retail energy business, closely followed by the launch of its US electric vehicles (EV) leasing arm.
Since then, Octopus has brought innovative smart tariffs to the market that unlock cheaper rates for customers whilst helping make the grid more resilient, including its innovative ‘Fan Club’ tariff, which offers cheaper rates when the wind is blowing.
-ENDS-
Notes to editors:
*Octopus Energy Generation acquired two solar farms on behalf of the Sky fund (ORI SCSp) it manages.
*These two solar farms were acquired from Vesper Energy Development, an experienced developer of renewable energy projects in the US - and both solar farms have long-term energy supply deals in place.
Press Contacts
Octopus Energy Group
press@octoenergy.com
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). 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 25,000+ 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 7.8 million households globally. Its operations span 18 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 54 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...
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