UK power supplier Octopus Energy announced on Thursday that it will invest £2 billion ($2.7 billion) in clean energy projects across Britain by 2030. The announcement coincided with the company finalizing the acquisition of four solar projects in England from Germany's BayWa, with a combined capacity of 222 megawatts. Set to become operational between 2025 and 2026, the solar farms are expected to generate enough electricity to power 80,000 homes.
This move aligns with the UK government's target to triple its solar capacity from 14 gigawatts (GW) to 50 GW by 2030, as part of efforts to reach net zero emissions by mid-century.
Octopus Energy's renewable energy portfolio already includes 16 onshore wind farms, three offshore wind farms, three battery storage projects, 138 solar farms, and thousands of rooftop solar installations in the UK. The company also plans to submit multiple applications for new wind turbines this year, following government reforms to onshore wind planning in England.
“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,” said Zoisa North-Bond, CEO of Octopus Energy Generation.
