Octopus Energy Generation has made its entry to the Asian renewables market through Japan.
The company announced that it has invested in Japanese solar power developer Yotsuya Capital to support energy transition in the country.
To be noted, Yotsuya Capital has been building renewable energy projects with specialization on developing solar farms all across the country.
Yotsuya Capital plans to have a development of 250MW of new solar farms in Japan over the next five years.
Octopus Energy Generation CEO Zoisa North-Bond was quoted in a statement, “There’s a huge opportunity to help meet Japan’s renewables targets and accelerate its clean energy transition. This investment in fast-growing solar developer Yotsuya is our first step into Asian renewables – and it’s only the beginning.”
The company plans to expand its business in other countries as well across the continent.
According to the company, clean energy generated by the projects could power nearly 100,000 homes.
Yotsuya Capital representative member and CEO Toshiaki Isoi commented, “It means we can accelerate our growth to the next level and develop much more solar across Japan in the coming years. It helps us contribute to Japan’s net zero target by 2050, while also making a positive impact on the local community.”
According to Yotsuya, it will sell the renewable power under long-term corporate power purchase agreements.