The generation arm of energy supplier Octopus Energy has invested in two European-based solar developers in Ireland and Portugal.
Despite the sum of the investments not being disclosed, Octopus confirmed that it would enable the creation of 250MW of new solar capacity to be developed by 2027.
Turning our attention to Ireland, a nation that has already seen an expansion in solar developments this year, Octopus has taken a majority stake in Verde Energy Group. The Cork-based firm installs energy efficiency solutions for a range of organisations with solar PV and electric vehicle (EV) charging a primary focus.
In a statement made by the company, Verde Energy will use the investment to develop over 50 solar projects across the country by 2027, with a combined capacity of 100MW.
Octopus has already expanded its presence in the Ireland solar sector. In 2021, Octopus Renewables Infrastructure Trust (ORIT) acquired a portfolio of five Irish solar sites with a combined capacity of up to 250MW.
Meanwhile, Octopus has also established a joint venture with “local entrepreneurs” dubbed SparkWave Energy. The firm will build over 50 solar projects by 2027, amounting to 150MW of green energy.
As part of these deals, Octopus stated that it would finance solar installations with zero upfront costs to the business customers who receive them. The businesses will benefit from solar power installed at their premises and sold back to them at an affordable rate through fixed power purchase agreements (PPAs).
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Verde Energy and SparkWave are great partners to work with to scale this massive solar opportunity we’re seeing across many countries in Europe and beyond. Projects like these are making the Emerald Isle even greener and helping sunny Portugal capitalise on its amazing sunny weather.
“We’re looking forward to scaling these ventures to bring cheaper, cleaner energy harnessing the power of the sun to even more businesses.”