Octopus Energy’s Global Investments in Green Energy
Octopus Energy is a major force in renewable energy, focusing on accelerating the transition to a sustainable, low-carbon future (currently they provide 100% Carbone neutral electricity to their UK customers). Through its investment arms and partnerships, the company has expanded its influence across multiple technologies, regions, and green initiatives. Here’s a detailed overview of their investments in green energy.
Sungen – 100 Solar Panel Systems On French Farms
Octopus Energy is proud to announce their latest initiative, Sungen, aimed at bringing renewable energy to French farms by installing 100 solar panel systems. This project marks a significant step toward their global mission of a sustainable future. By combining innovation with clean energy, Sungen will initially generate enough power to support 3,000 homes and is just the beginning of our goal to surpass 100 megawatts of solar energy by 2030. Sungen not only boosts France’s renewable energy capacity but also benefits local farmers through new infrastructure, showcasing their commitment to a cleaner, greener world. Click here to learn more about how renewable energies work.
£200 Million Investment in Deep Green’s Heat Reuse Technology
In early 2024, Octopus Energy invested £200 million into Deep Green [External Link], a tech company focused on heat reuse technology. Deep Green uses excess heat generated by data processing to provide free heating to public facilities like swimming pools, drastically reducing their energy bills. This innovative model aligns with Octopus Energy’s broader mission of advancing the energy transition through creative, scalable solutions. The investment was made via Octopus’ Energy Transition Fund, which supports companies committed to achieving net-zero emissions.
$800 Million Investment to Drive Clean Energy Growth
In December 2023, Octopus Energy secured an $800 million investment from existing shareholders, raising the company’s valuation to nearly $8 billion. This funding aims to support international growth and expansion into low-carbon technologies, particularly heat pumps (click here to read more on Octopus Energy heat pumps). Additionally, this investment is expected to create 3,000 new green jobs in the UK by 2024.
Octopus Energy Generation: A Powerhouse in Renewables
Octopus Energy Generation [External Link], the investment arm of Octopus Energy, is one of Europe’s largest renewable energy investors, with over 4 gigawatts (GW) of renewable power across 240 projects in 10 countries. These assets, valued at £6 billion, are mostly composed of solar and onshore wind power. The company also plans to invest £15 billion in offshore wind energy by 2030, with the goal of generating 12 GW of renewable electricity—enough to power 10 million homes.
Expanding into the French Green Energy Market
Octopus Energy continues its European expansion with a €1 billion investment in France’s renewable energy market. Announced in March 2023, this investment aims to generate enough green energy to power 300,000 French households and to create hundreds of jobs through a new European tech hub based in Paris. This investment builds on Octopus Energy’s 2022 acquisition of Plüm énergie, a French energy supplier.
Octopus Energy plans to increase its customer base in France to 1 million by 2026, offering better service and innovative ways for households to reduce their energy consumption.
The Octopus Energy Development Partnership (OEDP)
Launched in 2022, the Octopus Energy Development Partnership (OEDP) is a €220 million fund designed to drive new green energy projects in Europe. The fund’s first investment was a 24% stake in Exagen [External Link], a UK-based developer specializing in large-scale solar and battery projects. This deal includes the development of a 500 MW battery, which will be the UK’s largest, capable of powering 235,000 homes in a day.
OEDP’s focus is on solar, onshore wind, and energy storage solutions that can help Europe reduce its reliance on gas imports while lowering consumer energy bills in the long run.
Large-Scale Investments in Offshore Wind and Renewable Energy Projects
Octopus Energy Generation has committed to large-scale investments in offshore wind, with a goal of generating 12 GW of renewable energy by 2030. Beyond offshore wind, Octopus manages 4 GW of renewable electricity projects, including solar and onshore wind farms. These projects span 10 countries and represent a combined asset value of £6 billion. Octopus is also supporting community energy projects, such as the West Mill Wind and Solar Farm in Oxfordshire, which provides power to 4,500 homes.
Supporting Local and Community-Driven Renewable Energy Projects
In addition to its large-scale projects, Octopus Energy invests in local renewable initiatives, often in partnership with communities. These include wind and solar farms like Hill End Farm in Hampshire and Carditch Drove in Somerset, which generate significant amounts of clean energy. The company’s Fan Club initiative also provides communities near Octopus-owned wind turbines with discounted energy rates, making renewable energy more accessible.
Future Goals: 20 GW of Green Energy by 2030
Looking forward, Octopus Energy Generation aims to expand its renewable energy capacity to 20 GW by 2030, enough to power 15 million homes. This ambitious target will be supported by continued investments in onshore wind, solar, and energy storage technologies across Europe. The company’s growth strategy is driven by a vision to lead the energy transition and reduce Europe’s reliance on fossil fuels.
A virtual tour of Octopus Energy Generation sites
Conclusion
Octopus Energy is positioning itself as a leader in the global renewable energy space through its significant investments in wind, solar, and battery storage technologies. With a focus on both large-scale and community-driven projects, Octopus Energy is making strides toward a greener future, with the goal of providing clean, reliable energy to millions of homes across the globe.