Octopus signs five-year solar PPA with Shell

The firm will provide the energy giant with clean power from its assets in Italy

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Octopus has signed a five-year Power Purchase Agreement (PPA) in Italy with Shell Energy Europe.

The deal will see the firm supply power to the energy giant from its 70.5MW portfolio of unsubsidised solar assets across Italy.

The agreement will include ‘Guarantees of Origin’, a label providing information on electricity from renewable sources to customers on the source of their energy and will cover six of 10 projects currently under construction once they have been completed  early next year.

Matt Setchell, Head of Octopus’ Energy Investment Team, said: “This is a landmark deal for Octopus as we continue to drive value from our unsubsidised solar portfolio in Italy through innovative partnerships like this one.

“Shell is at the forefront of the global energy transition and like us, understands the importance of clean energy which we are seeing increase in value and importance to energy consumers in Europe and beyond.”