Octopus Energy to invest £2bn into British renewables

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

The announcement coincides with the British energy group finalising a deal on four new solar farms being developed by BayWa r.e. in Bristol, Essex, East Riding of Yorkshire and Wiltshire.

The solar projects, with a combined capacity of 222MW, will produce enough power for 80,000 homes.

Construction on three of the solar farms will start later this year and the fourth in 2025, with all farms planned to be operational by 2026.

Octopus is also breaking ground on a new 12MW battery in Cheshire, which will store enough power to keep nearly 10,000 homes running a day.

With these latest additions, Octopus' British portfolio now includes 16 onshore wind farms, 3 offshore wind farms, 3 battery projects, 138 solar farms, and thousands of rooftop solar projects.

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Zoisa North-Bond, CEO of Octopus Energy Generation, said: “The UK is on the verge of a green energy revolution. This £2 billion investment in homegrown renewables will help boost our energy security and pave the way for a more affordable energy future. Solar and onshore wind are among the cheapest energy sources available. By building closer to demand, we can maximise green electricity when it’s abundant and lower bills for customers nationwide.”

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Following the Government’s onshore wind planning reforms in England, Octopus is also submitting multiple applications for new wind turbines this year.