Global energy firm Octopus Energy has set a medium-term plan to invest £1.5bn (€1.7bn) in the Asia-Pacific energy market.
Octopus Energy said that, over the next four years, it intends to invest £1.2bn into solar and wind generation across the region and place a further £300m to expand its tech innovation and energy retail hub in Tokyo, Japan.
The company expects half of the £1.2bn commitment, set aside to invest by 2027, to be placed into Japanese renewables.
Octopus Energy entered Japan’s energy market in December 2020 through a partnership with Japanese utility Tokyo Gas to provide green electricity to households.
Last month, the company expanded into Asia’s renewable-energy sector by making an investment in Japanese solar developer Yotsuya Capital, and said it already has further projects in the pipeline in Japan and across the continent.
In the latest update, Octopus Energy said Japan is now its second-largest market after the UK, and it expects to raise £400m from Asia-Pacific investors “over the next five years to build more UK wind and solar farms whilst bringing vital energy expertise to Europe and strengthening supply chains”.
Greg Jackson, founder of Octopus Energy, said: “International cooperation is the key to creating an energy transition which benefits consumers and economies as well as the climate.
“Our partnership with Tokyo Gas has grown ever stronger and I’m delighted to be bringing even more investment to Japan and into the UK.”
Hajime Nakamura, CEO of Octopus Energy in Japan, said: “We are incredibly excited about this investment as it will significantly boost the expansion of renewable energy in the Asian-Pacific region.
“Octopus will continue to help drive sustainability in Japan through our smart technology and by creating initiatives and services that will help customers make the most of green electrons when they are abundant.”
Julia Longbottom, British Ambassador to Japan, said: “I am pleased to welcome the significant investment Octopus Energy is making in Japan’s renewable energy sector.
“This investment demonstrates Octopus Energy’s strategic foresight and commitment to sustainable development, and is a vote of confidence in Japan’s vast and largely untapped renewable energy potential.”
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