Octopus Energy Makes First Investment in US Renewables, Targets $2 Billion by 2030

Octopus Energy, the UK’s largest electricity supplier, has announced its initial foray into the US renewables market with a strategic investment in two new solar farms located in Ohio and Pennsylvania. This marks the beginning of Octopus Energy’s ambitious plan to invest $2 billion in US generation projects by 2030.

The acquisition of the solar farms, which have a combined capacity of 100 MW, will produce enough clean energy to power 20,000 homes, equivalent to removing 36,000 petrol-driven cars from the roads. This move is part of Octopus’ broader investment strategy in North America, following recent deals with offshore wind tech company Ocergy and nature projects startup Cultivo.

Globally, Octopus Energy manages a solar power portfolio of 2 GW and oversees an additional 1.7 GW of green energy projects, including onshore and offshore wind farms in Europe and Australia, with further projects in development across Asia and Africa.

In North America, Octopus has also expanded its advanced tech platform, Kraken, collaborating with Tenaska in Texas to optimize battery storage and licensing the platform to Canadian municipal utility Saint John Energy.

Backed by leading climate investors such as Generation Investment Management, Canada Pension Plan Investment Board (CPP Investments), and Galvanize Climate Solutions, Octopus Energy is well-positioned to accelerate its renewable energy initiatives.

Greg Jackson, Founder of Octopus Energy, emphasized the significance of the company’s first US renewables investment, stating, “This milestone highlights our commitment to expanding our renewables portfolio globally. Our goal is to invest $2 billion into the US clean tech market over the next few years. Green energy is not only the future but also the most cost-effective energy source today. By expanding our renewable energy projects, we aim to build a cheaper, greener energy system for everyone.”

Octopus Energy entered the US market in 2020 with the launch of its retail energy business in Houston, Texas, followed by its US electric vehicle (EV) leasing arm. The company has since introduced innovative smart tariffs that offer cheaper rates for customers and enhance grid resilience, including the ‘Fan Club’ tariff, which provides reduced rates when wind energy is abundant.

This latest investment underscores Octopus Energy’s commitment to driving the energy transition and establishing a significant presence in the US renewable energy market.