Octopus Energy's generation arm has made further strides in the US solar market by backing developers Circal and Zestec in the creation of new projects. This move aligns with the company's $2 billion plan to advance America's renewable energy sector, coming just three months after Octopus made its first US green energy investments with the acquisition of solar farms in Ohio and Pennsylvania.
The latest deal sees Octopus investing in Circal, a solar farm developer with multiple gigawatts of projects in its pipeline. Circal plans to create 600MW of new solar capacity in the US over the next five years, focusing primarily on Texas. This expansion would provide enough green power to supply 40,000 homes in the state.
In addition, UK-based Zestec, another Octopus-backed developer, is expanding into the US. Zestec will focus on installing solar panels on commercial and industrial rooftops and land, allowing businesses to access solar energy at no upfront cost. Their primary target areas include Texas, as well as East Coast states like Massachusetts, New York, and New Jersey, with plans to develop hundreds of solar projects in the next five years.
These deals are part of the Octopus Energy Development Partnership and its Sky funds, further supporting Octopus Energy Generation's ambitious goals to drive the growth of clean energy in the US.
Zoisa North-Bond, CEO of Octopus Energy Generation, emphasized the company's commitment to scaling up renewable energy efforts in the US, noting that the nation continues to break records for solar power installations. She underscored Octopus's vision of helping power America's clean energy revolution for a more affordable and sustainable future.
