Octopus Energy has acquired two solar farms from Vesper Energy Development in its US renewables market debut as part of a plan to invest $2bn (€1.86bn) in US generation assets by 2030.

Octopus Energy’s generation arm has invested an unspecified amount on behalf of its Sky fund to acquire the projects in Ohio and Pennsylvania with a combined capacity of 100MW.

Octopus Energy established its US presence in 2020 by launching its retail energy business in Houston, Texas, and subsequently its electric-vehicle leasing business.

The company also has transactions with floating offshore wind technology company Ocergy and nature projects startup Cultivo in the US and recently expanded its Kraken technology platform into North America.

Globally, Octopus Energy manages a solar power portfolio of 2GW and also has a further 1.7GW of green energy projects such as onshore and offshore wind farms around the world, including in Europe and Australia, with projects in the pipeline in Asia too, the company said. 

Gaucho solar farm in Pennsylvania, USA. Credit - Vesper Energy

Source: Vesper Energy

Gaucho solar farm in Pennsylvania, US

Greg Jackson, the founder of Octopus Energy, said: “Our first US renewables investment is a major milestone for us. As we supercharge our renewables deals worldwide, we’re set to invest $2bn into the US clean tech market over the next few years.

“Green energy isn’t just the future, it’s the most cost-effective energy source here and now. The more we build, the faster we can power up a cheaper, greener energy system for everyone.”

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