Octopus Energy to Invest £2BN in UK Renewable Energy

Octopus Energy Generation has announced a £2bn investment in UK renewable energy projects by 2030, emphasising solar capacity with 222MW in the pipeline.

The investment encompasses the development of four new solar farms by BayWa r.e. in various UK locations.

BayWa r.e. UK and Ireland managing director Christine McGregor stated: “Thanks to the efforts of our strong team in the UK, we were able to prepare these high-quality solar projects for a successful construction phase which will commence soon, ensuring a near-term start of green energy production.

“We are looking forward to building upon our reliable partnership with Octopus Energy Generation, and together, contribu[ting] to the UK’s ambitious plans to accelerate the energy transition.”

Construction on three of the facilities is set to commence towards the end of 2024 with the fourth beginning in 2025.

The projects are the 50MW Perrinpit Road solar park in Bristol, developed under a joint venture with Grune Energien Solar, and three ready-to-build sites: the 48MW Driffield solar park in the East Riding of Yorkshire, the 52MW South Fambridge Hall in Essex, and the 72MW Corner Copse in Wiltshire.

BayWa r.e. will undertake the work on all three projects under an engineering, procurement and construction arrangement, with Driffield also featuring a 30MW battery energy storage system (BESS) to be constructed by Octopus.

BayWa r.e. will also manage the solar assets, including operations and maintenance.

These new deals, brokered on behalf of the Octopus Energy Development Partnership (OEDP)and Sky fund managed by Octopus Energy Generation, are expected to become operational between 2025 and 2026.

Octopus is also initiating a 12MW battery project in Cheshire, expanding a portfolio that already includes 16 onshore wind farms, three offshore sites, three battery projects, 138 solar farms and numerous rooftop PV schemes across Britain.

In a strategic move to accelerate the deployment of renewable energy projects, Octopus recently acquired a 100% stake in Exagen, a British solar and storage developer, through its OEDP fund.

Furthermore, in response to the government’s onshore wind planning reforms in England, Octopus is preparing to submit multiple applications for new wind turbines this year.

These turbines will be part of Octopus’s Fan Club” scheme, which offers customers living near the turbines up to a 50% discount on their rates when the wind is blowing.

Octopus Energy Generation chief executive Zoisa North-Bond stated: “The UK is on the verge of a green energy revolution.

“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.

“By building closer to demand, we can maximise green electricity when it’s abundant and lower bills for customers nationwide.”

In September 2024, Octopus Energy Generation acquired the UK-based Exagen Group.