Credit: Octopus Energy
Energy giant announces fresh wave of funding after inking deals for four new solar farms
Octopus Energy's generation arm has today set out plans to invest £2bn in UK-based clean energy projects by 2030.
The update comes after Octopus inked recent deals for four solar farms currently being developed by BayWa r.e. in Bristol, Essex, the East Riding of Yorkshire, and Wiltshire that boast a combined capacity of 222MW, as well as a 30MW battery at one of the sites.
Construction on three of these solar farms is set to start later this year before work on the fourth gets underway in 2025. Due to come on stream between 2025 and 2026, the sites will provide power for 80,000 homes and cut emissions equivalent to removing 35,000 cars from the road every year.
Octopus also revealed plans to break ground on a new 12MW battery scheme in Cheshire, which aims to store enough power for almost 10,000 homes a day.
The latest projects take Octopus' UK-based clean energy portfolio to 16 onshore wind farms, three offshore wind sites, a trio of battery projects, 138 solar farms, and thousands of rooftop solar projects.
Overall Octopus manages 3.8GW of green energy projects in more than 15 European countries worth a total of £7bn. The projects generate enough green power for 2.3 million homes a year, equivalent to taking more than a million petrol cars off the road.
The company has also said that following the lifting of England's 'de facto ban' on new onshore wind projects it plans to submit multiple applications for new wind turbines this year, expanding its 'Fan Club' scheme that offers customers living close to turbines discounted rates during periods of peak generation.
"The UK is on the verge of a green energy revolution," said Zoisa North-Bond, CEO of Octopus Energy Generation. "This £2bn investment in homegrown renewables will help boost our energy security and pave the way for a more affordable energy future.
"Solar and onshore wind are among the cheapest energy sources available," she added. "By building closer to demand, we can maximise green electricity when it's abundant and lower bills for customers nationwide."
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