Octopus Energy has announced investments in two solar developers in Europe with a new capacity of 250MW. The company’s generation arm will be investing in Ireland and Portugal. According to the company, “it will enable the companies to build over 100 new solar projects on rooftops and sites of businesses.” This is expected to reduce dependence on fossil fuels and boost energy security. Regarding Ireland, it has invested in Verde Energy Group. The company has planned to use the investment to develop over 50 solar projects across the country by 2027. These installations will have a total capacity of 100MW of solar energy. Meanwhile, in Portugal, Octopus has set up a joint venture for the development of solar energy. As per the deal, the new company called SparkWave Energy will build over 50 solar sites by 2027, with a total capacity of 150MW green energy. Under the agreement, Octopus shared that it will finance solar installations with zero upfront costs to the business customers.
“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 energy generation chief executive Zoisa North-Bond, was quoted in a statement. Verde Energy Group chief executive Paul Martin remarked, “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.” Meanwhile, Co-founder of SparkWave Energy Diego Hernando Ortega was quoted, “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.”