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.