Octopus Energy, a leading energy company, has announced its commitment to investing over £1bn in the Asia-Pacific renewables market by 2027. The company aims to accelerate the region's transition to a cleaner and smarter energy system through this initiative.
As part of its plan, Octopus Energy intends to invest £1.2bn in solar and wind generation projects in the region, with a significant portion allocated to Japanese renewables. Additionally, the company plans to expand its tech innovation and energy retail hub in Tokyo by investing an additional £300m. This expansion will enable Octopus Energy to significantly increase its workforce and create 1000 green jobs for both local talent and individuals from the UK.
Octopus Energy's Tokyo tech hub has been instrumental in developing cutting-edge features for its tech platform, Kraken. By investing more in this team, the company aims to unlock greater efficiencies and develop innovative solutions to reduce energy costs for consumers in the UK and other parts of the world.
This latest move builds upon Octopus Energy's existing partnership with Tokyo Gas, which resulted in the launch of a joint venture in 2021. Japan has become the second-largest market for Octopus Energy, with nearly 200,000 retail customers. The company's presence in Japan has been growing rapidly, adding thousands of domestic customers each week and setting its sights on serving millions of customers in the coming years.
Furthermore, Octopus Energy's generation team plans to leverage the strategic partnership with Tokyo Gas to raise £400m from investors in the Asia-Pacific region over the next five years. These funds will be utilized to develop more wind and solar farms in the UK while bringing crucial energy expertise to Europe and strengthening supply chains.
The investment made by Octopus Energy in Japan's renewable energy sector has been praised by Julia Longbottom, the British Ambassador to Japan. She considers this commitment as a demonstration of Octopus Energy's strategic foresight and dedication to sustainable development. Longbottom also sees it as a vote of confidence in Japan's vast and largely untapped renewable energy potential.
Greg Jackson, the Founder of Octopus Energy Group, emphasizes the importance of international cooperation in creating an energy transition that benefits consumers, economies, and the climate. He expresses delight in strengthening the partnership with Tokyo Gas and bringing additional investment to Japan and the UK. Jackson highlights the significance of linking Octopus Energy's operations in Australia, New Zealand, Singapore, and Japan with the UK and Europe, as it has fostered a unique global technology ecosystem that benefits everyone. He looks forward to advancing this ecosystem even further with the recent announcement.
