Octopus Energy Invests in South Korean Solar Developer for 140 MW Rollout

Octopus Energy Generation, the generation arm of UK-based clean energy company Octopus Energy, announced on Monday an investment in South Korean solar developer Skygreen Energy, marking a significant step in its continued expansion across Asia’s renewable energy market.

The partnership will support Skygreen in developing up to 20 small- to medium-sized solar farms over the next two years, with a total planned capacity of 140 MW. These projects will be primarily located in South Korea’s mid-western regions and are aimed at supplying clean electricity to clients in the technology, manufacturing, and heavy industry sectors.

Skygreen also plans to scale its solar capacity to 500 MW in the longer term and diversify into other green technologies such as energy storage and onshore wind power.

This investment follows Octopus Energy’s earlier moves in Asia, including backing offshore wind developer Deep Wind Offshore, which has projects in South Korea, and Japanese solar developer Yotsuya Energy.

Currently, renewables make up around 10% of South Korea’s energy mix, but the government aims to raise that share to 33% by 2038. Coal still accounts for approximately 30% of the country’s power generation, according to Octopus.

“After our first steps into investing in Asian renewables in Japan, we’re now switching on our latest venture in South Korea,” said Zoisa North-Bond, CEO of Octopus Energy Generation. “With a huge appetite for clean power and a heavy reliance on fossil fuels, there’s vast potential to make a real impact.”

The investment was made on behalf of the Sky fund (ORI SCSp), which is managed by Octopus Energy Generation. Financial terms of the deal were not disclosed.