Octopus Energy’s generation arm is investing in solar energy projects in Ireland and Portugal, partnering with two renewable energy developers to enable the development of over 100 new projects on rooftops and business sites.
Octopus Energy Generation has invested an undisclosed sum to acquire a majority stake in Verde Energy in Ireland. The investment will be used by Verde to develop a 100MW portfolio of over 50 solar projects across the country by 2027.
Octopus has also set up a joint venture company, SparkWave Energy, with local entrepreneurs to drive the development of solar energy in Portugal to build a 150MW portfolio comprising more than 50 solar projects by 2027.
The two investments have been made by the Sky fund (ORI SCsp) which is managed by the Octopus energy generation business.
As part of these deals, Octopus said it will finance solar installations with zero upfront costs to the business customers who receive them. The businesses will benefit from solar power installed at their premises and sold back to them at an affordable rate through fixed power purchase agreements.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Verde and SparkWave are great partners to work with to scale this massive solar opportunity we’re seeing across many countries in Europe and beyond. Projects like these are making the Emerald Isle even greener and helping sunny Portugal capitalise on its amazing sunny weather.”
Octopus first entered Portugal’s clean energy market last year with its investment in renewables developer FF New Energy Ventures.
Paul Martin, CEO of Verde Energy Group, said: “Having built this business over many years to be a leading renewables partner in the region, we knew that to capitalise on the opportunity and support our existing and new clients, having the right partner was critical.
“Octopus not only provides the funding but most importantly complements our ethos of doing the right things in the right way. Our team are all so excited about the future and we look forward to supporting businesses in Ireland on their decarbonisation journey.”
Diego Hernando Ortega, co-founder of SparkWave Energy, said: “The solar energy sector is developing like never before in Portugal. Recent reforms have streamlined the market and combined with Portugal’s outstanding solar resources, there is significant potential to develop numerous solar projects.”
To read the latest IPE Real Assets magazine click here.
