Octopus Energy invests in Italy’s rooftop solar sector

UK-headquartered Octopus Energy has announced an investment in rooftop solar developer Coralsun, a newly set up business by local entrepreneurs based in Italy.

Octopus Energy aims to support Coralsun in its mission to create 150MW of new solar projects in the next five years, with an initial focus on the north of Italy.

Coralsun is targeting commercial and industrial SMEs, such as logistics hubs, manufacturers and warehouses. Installations will be free for the companies taking part.

Businesses will be able to lock in fixed prices for solar energy over the long-term, allowing them to avoid fluctuating energy bills.

Initiatives such as these are supported by Italy’s streamlined permitting process, which allow smaller distributed energy sources to quickly connect to the grid.

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Antonio Vallardi, co-founder of Coralsun, said: “The Italian solar market has developed significantly in recent years - and global events impacting energy costs have prompted companies to seek sustainable solutions, which solar power can provide. We proudly support Octopus’ mission to make renewable energy accessible to everyone - and our shared core values make Octopus the perfect partner to scale solar for businesses in Italy.”

Octopus has invested in several new wind, solar and battery storage projects across Italy over recent years, planning to invest €1 billion ($1.10 billion) in Italian renewables by 2030.

Alex Brierley, co-head of Octopus Energy Generation, said: “Businesses in sun-soaked Italy are sitting on a golden opportunity to harness what’s one of the cheapest energy resources - solar power. With electricity costs skyrocketing for businesses in Italy over the past few years, tapping into abundant solar resources will help cut costs for companies. This deal is a step towards us accelerating Italy’s green energy transition.”

The news follows Octopus Energy’s generation arm announcing plans to invest £2 billion ($1.3 billion) into UK clean energy projects by 2030.