Octopus Energy, the UK's largest electricity supplier, has marked its entry into the US renewables market with the acquisition of two solar farms, one in Ohio and another in Pennsylvania. These acquisitions, with a combined capacity of 100MW, represent the company's first investment in US renewables as part of its ambitious goal to invest $2 billion in projects by 2030.
The solar farms were acquired from Vesper Energy Development, a renowned developer of renewable energy projects in the US. Both farms have long-term energy supply agreements in place, ensuring stable returns for Octopus Energy.
This move is part of Octopus' broader strategy to accelerate its energy transition efforts in North America. The company recently sealed deals with Ocergy, a floating offshore wind technology firm, and Cultivo, a nature projects start-up, both based in the US.
Octopus Energy now boasts a global solar power portfolio of 2GW and an additional 1.7GW of green energy projects, including onshore and offshore wind farms across Europe, Australia, and other regions. The company is also eyeing further expansion in Asia and Africa, with several projects in the pipeline.
In addition to its renewable investments, Octopus Energy Group has expanded its Kraken tech platform into North America. The platform, now operational in Texas in partnership with Tenaska, aims to optimize battery storage. It has also been licensed to Canadian municipal utility Saint John Energy.
Greg Jackson, Founder of Octopus Energy, expressed enthusiasm about the company's US renewables investment, calling it a “major milestone.” He emphasized the importance of green energy, stating, “Green energy isn't just the future, it's the most cost-effective energy source here and now.”
Octopus Energy is backed by prominent investors, including Generation Investment Management, Canada Pension Plan Investment Board (CPP Investments), and San Francisco-based Galvanize Climate Solutions.
