Octopus Energy Generation has entered into a partnership with renewables developer Nexta to develop 1100MW of renewables.
The joint venture aims to develop new onshore wind, solar farms and energy storage in Italy by 2025. The projects will be located in the south of the country.
With this, the company has made a re-entry to the Italian market. It has been possible under the Octopus Energy Development Partnership (OEDP), which was recently launched. The €220m fund has been investing in green energy.
According to OEDP, it will supply the necessary fund to Nexta to secure land, grid connections and permits for the get renewable projects. Nexta is a leading company in developing renewable energy projects in Italy.
The latest development comes at a time when Italy plans to build more renewables and accelerate green energy deployment.
Octopus Energy Generation chief executive Zoisa North-Bond was quoted in statement, "Building more new green energy will help reduce reliance on imported fossil fuels and drive down energy bills. Onshore wind and solar are some of the cheapest forms of energy - and Italy can generate it right on their soil.”
Meanwhile, Fabrizio Caputo, co-founder and managing director of Nexta commented, "The partnership with Octopus represents a further step towards the consolidation of our growth objectives within the renewable energy industry.
Earlier, Octopus Energy Generation had invested in Italy to build 173MW of solar farms.