Octopus Energy Invests in Irish and Portuguese Solar Projects through its power generation business, in two European renewable energy developers. Although the exact amount of the investments was not disclosed, UK-based renewable energy company Octopus Energy confirmed that it would enable the development of 250MW of new solar capacity by 2027.
Investment in Ireland:
Octopus has acquired a majority stake in Verde Energy Group, a Cork-based firm specializing in energy efficiency solutions, with a focus on solar PV and electric vehicle (EV) charging. With Octopus’s investment, Verde Energy aims to develop over 50 solar projects across Ireland by 2027, with a combined capacity of 100MW. This move expands Octopus’s presence in the Irish solar sector, following its acquisition of a portfolio of five Irish solar sites with a combined capacity of up to 250MW in 2021.
Investment in Portugal:
Octopus has also established a joint venture with local entrepreneurs under the name “SparkWave Energy.” This partnership is set to build over 50 solar projects in Portugal by 2027, totaling 150MW of green energy capacity.
Both investments are part of Octopus’s commitment to finance solar installations with zero upfront costs to business customers who receive them. These businesses will benefit from on-premises solar power, which will be sold back to them at an affordable rate through fixed power purchase agreements (PPAs).
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Zoisa North-Bond, CEO of Octopus Energy Generation, expressed enthusiasm about these ventures and their potential to bring cheaper and cleaner solar energy to more businesses. She stated, “Projects like these are making the Emerald Isle even greener and helping sunny Portugal capitalize on its amazing sunny weather.”
Octopus Energy’s generation arm is investing in two clean energy developers in Ireland and Portugal to develop more than 100 solar projects totaling 250MW of capacity. These solar projects aim to reduce fossil fuel dependency and provide businesses with access to cheaper and cleaner energy sources.
