Octopus Energy is expanding its renewable energy portfolio in Asia with a new solar investment in South Korea.
Octopus Energy Generation has backed South Korea’s Skygreen Energy to develop up to 20 small-to-medium-scale solar projects over the next two years. The undisclosed investment amount is being made on behalf of the Sky fund.
The solar projects are expected to have a generation capacity of 140MW per year. Skygreen Energy intends to increase its solar development to 500MW and is exploring the possibility of future involvement in other renewable-energy sectors like energy storage and onshore wind energy.
Octopus Energy’s latest deal in South Korea follows previous investments in Asia, including backing Deep Wind Offshore in South Korea and Japanese solar developer Yotsuya Energy. The company first entered the Japanese market in 2022 via a green-energy joint venture with Tokyo Gas.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “After our first steps into investing in Asian renewables in Japan, we’re now switching on our latest venture in South Korea.
“With a huge appetite for clean power and a heavy reliance on fossil fuels, there’s vast potential to make a real impact. We’re looking forward to working with Skygreen to bring more solar power to South Korean homes and businesses, powering a cheaper and greener energy future for all.”
Jae Choi, CEO of Skygreen Energy, said: “I’m honoured to lead Skygreen into a new era of sustainable growth with Octopus Energy Generation, a leading innovative investor worldwide. South Korea’s renewable energy sector holds immense potential to address the urgent challenges of climate change while also enhancing energy independence, job creation and technological progress.
“Skygreen will work closely with our talented team and stakeholders to build a cleaner and greener sustainable world for generations to come.”
Pranab Kumar Sarmah, founder of Skygreen Energy and GreenAge Capital, said: “I thank Octopus Energy Generation for trusting our competence of early-stage development to commissioning of renewable energy projects in Asia.
“We remain fully committed to helping South Korea to reach its sustainable energy goals, and aid in the country’s socio-economic progress.”
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