Monday 30 September 2024
Octopus Energy to invest £2bn in clean energy projects
Octopus Energy Generation has sealed the deal on four new solar farms being developed by BayWa r.e. in Bristol, Essex, East Riding of Yorkshire and Wiltshire.
The solar projects will have a combined capacity of 222 MW, in addition to a 30 MW battery located on one of the sites.
Construction on three of these solar farms will start later this year and the fourth in 2025.
Due to be operational between 2025-2026, the farms will produce power for 80,000 homes, slashing emissions equivalent to removing 35,000 fossil-fuel cars from the road every year.
Octopus is also investing in a new 12 MW battery in Cheshire, to store and zap enough power back into the grid to keep nearly 10,000 homes running a day.
These are a part of Octopus Energy Generation's goal of investing £2 billion in clean energy projects by 2030.
Zoisa North-Bond, Chief Executive Officer of Octopus Energy Generation, said: 'The UK is on the verge of a green energy revolution. This £2 billion 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. By building closer to demand, we can maximise green electricity when it’s abundant and lower bills for customers nationwide.'
With these latest additions, Octopus now backs 16 onshore wind farms, 3 offshore wind farms, 3 battery projects, 138 solar farms and thousands of rooftop solar projects in Britain.
