Octopus Energy Generation is acquiring a solar and battery storage project in California as part of a near $1bn investment drive into U.S. clean technology.
The company said the solar-plus-storage asset will harness the state’s abundant sunshine to deliver low-cost clean electricity and is expected to be fully operational by July 2026.
The transaction forms part of a broader California-focused investment package that also includes carbon removal and heat battery technologies, Octopus said.
Chief executive Zoisa North-Bond said the move reflects strong alignment between the UK investor and the U.S. clean energy market.
“Octopus and California are both leading the way in clean energy innovation. With supportive policy and world-class entrepreneurship in and around Silicon Valley, it’s an ideal place to back long-term investment partnerships that will benefit the UK economy,” North-Bond said.
“We’re excited to expand Octopus internationally, backing the booming U.S. clean tech sector while bringing innovation, growth and returns to the UK,” she added.
Octopus said it will also support two carbon removal companies focused on grassland restoration and reforestation, alongside investments in heat battery systems intended to replace fossil-fuel boilers in hard-to-electrify industries.
The latest move builds on the group’s previous U.S. transactions and supports its target to deploy $2bn into the American energy transition by 2030.
