Energy supplier OVO Energy has revealed plans to launch a new business unit dedicated to renewable energy generation.
The proposed new arm, named OVO Renewables, plans to purchase onshore wind farms that are reaching the mid to late stages of their lifespans, before repowering them using modern technology to extend their lifespans. OVO Renewables states that this will help bring more green energy to customers quicker by cutting the time needed for infrastructure planning.
OVO Energy states that OVO Renewables will be launched with an initial investment of “hundreds of millions of pounds”. The first phase of OVO Renewable’s repowering rollout is set to deliver up to 500MW of additional capacity ahead of the UK government’s target of having a total of 30GW onshore wind capacity operational by 2030.
A number of other companies are set to support the launch of OVO Renewables. OVO states that sister company Kaluza, which develops energy technology platforms, will support the rollout of OVO Renewables, with the collaboration being potentially used in the future to provide green energy directly to nearby communities. Kaluza and OVO Energy have previously partnered on home EV charging initiatives, including integrations with Volkswagen Group UK and Volvo.
Furthermore, subject to regulatory approvals, OVO Renewables plans to operate in partnership with renewable energy investor NextLife Energy in order to source, acquire, manage and redevelop onshore wind projects.
David Buttress, CEO of OVO, said that the new arm represents “a huge opportunity to unlock more clean, secure energy, without the delays that come with building new sites”. He added: “Britain built some of the world’s first onshore wind farms, but many are now ageing fast. OVO Renewables has the potential to breathe new life into Britain’s green power infrastructure, delivering real benefits to customers and communities”.
Energy minister Michael Shanks, who gave the keynote speech at Solar Media’s Clean Power 2030 Summits earlier this month, called the new venture “hugely exciting”, and noted that “repowering existing wind farms will be a key part of how we build a cheaper, cleaner, more secure energy system, creating jobs across the country and driving forward our mission to bring bills down for good.”
OVO Energy has previously worked to encourage its customers to install their own solar generation capacity at home. Late last year, the utility announced that it had partnered with banking major HSBC to roll out a suite of new financing options, allowing a wider range of homeowners to install rooftop solar PV and home battery energy storage systems.
