Octopus Energy Generation has launched an Asia green energy fund with an initial $50m (€44.6m) anchor commitment from Japanese institutional investors as it targets a $600m final fundraise.
Announced at the COP31 UN climate summit in Antalya, Turkey, the Octopus Asia Electrification Fund (OAEF) has made its seed deployment into the Philippines by investing in Manila-based solar and storage developer Octali Energy Development.
Beyond the Philippines, OAEF will target clean energy assets across Japan, South Korea, Singapore, Indonesia, Thailand, Malaysia and Vietnam.
In addition to core solar, onshore wind and storage projects, the fund will also target energy transition infrastructure including microgrids and electric vehicle charging.
OAEF builds on Octopus Energy Generation’s presence in Asia, managed out of Singapore, following prior regional investments across Japan and South Korea.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Asia is at the heart of the global energy transition. Demand for electricity is soaring, and countries across the region want cheaper, homegrown power so families and businesses aren’t at the mercy of volatile fossil fuel prices.
“Our first investment in the Philippines is an exciting step. We’re now combining our experience in renewable energy across the region with capital to help ambitious local developers scale, bring more clean power to consumers, and help build Asia’s clean energy future.”
Blair McDougall, UK minister for reindustrialisation, said: “It’s fantastic to see British companies like Octopus leading the way around the world, unlocking hundreds of millions in investment in clean energy and creating new opportunities in fast-growing markets across Asia.
“This is what our Modern Industrial Strategy is all about: British expertise and ambition going global, supporting good jobs and growth at home while helping our partners build cleaner, more secure energy and driving cutting-edge new technologies.”
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