Octopus Energy's generation arm has announced strategic investments in two solar developers in Ireland and Portugal, marking a significant move toward expanding green energy capacity. These investments are expected to create 250 megawatts (MW) of new solar capacity, reducing dependence on fossil fuels and increasing energy security.
In Ireland, Octopus Energy has acquired a majority stake in Verde Energy Group, a company specializing in energy efficiency solutions for various organizations, from local councils to large corporations. Verde Energy Group will utilize this investment to launch over 50 solar projects across Ireland by 2027, resulting in a total of 100MW of additional solar energy.
In Portugal, Octopus Energy has established a joint venture with local entrepreneurs to drive the development of solar energy. This newly formed company, named SparkWave Energy, is set to construct over 50 solar sites by 2027, contributing 150MW of green energy.
As part of these initiatives, Octopus Energy will finance solar installations for business customers with zero upfront costs. These businesses will benefit from on-site solar power and purchase the energy through fixed Power Purchase Agreements (PPA) at affordable rates.
Octopus Energy's generation chief executive, Zoisa North-Bond, expressed enthusiasm about the partnerships, stating, “Verde and SparkWave are great partners to work with to scale this massive solar opportunity we're seeing across many countries in Europe and beyond. Projects like these are making the Emerald Isle even greener and helping sunny Portugal capitalize on its amazing sunny weather. We're looking forward to scaling these ventures to bring cheaper, cleaner energy harnessing the power of the sun to even more businesses.”
Verde Energy Group's chief executive, Paul Martin, emphasized the importance of the partnership, saying, “Octopus not only provides the funding but, most importantly, complements our ethos of doing the right things in the right way. Our team is all so excited about the future and we look forward to supporting businesses in Ireland on their decarbonization journey.”
Diego Hernando Ortega, co-founder of SparkWave Energy, commented on the potential for solar energy in Portugal, noting, “The solar energy sector is developing like never before in Portugal. Recent reforms have streamlined the market, and combined with Portugal's outstanding solar resources, there is significant potential to develop numerous solar projects. We're thrilled to have Octopus's backing as we roll out solar for organizations across the country.”
