Octopus Energy announces its first Japanese solar deal

Octopus Energy’s generation arm has announced its investment in Japanese solar developer Yotsuya Capital, aiming to accelerate Japan’s energy transition.
Octopus Energy announces its first Japanese solar deal
Courtesy of Octopus Energy.

The deal marks the company’s first step into the Asian renewables market, with further projects already in the pipeline in Japan and across the continent.

The initial seven figure investment, which was made on behalf of the Sky fund (ORI SCSp) which is managed by Octopus Energy Generation, will enable Yotsuya Capital to develop 250 MW of new solar farms in Japan in the next five years.

Yotsuya Capital is a renewable energy developer with a core focus on solar energy, based in Tokyo. It is looking to develop solar farms in all regions of Japan, on sites where solar can add value to surrounding areas. Yotsuya plans to sell the energy generated in the form of long-term corporate Power Purchase Agreements (PPAs).

The new solar power could generate enough green power for the equivalent of almost 100,000 homes, avoiding 140,000 tonnes of CO2. This is the same as removing 77,000 petrol cars or planting over 685,000 trees every year.

Japan is the world’s 3rd largest economy with strong electricity demand. Renewables make up c. 20 percent of Japan’s electricity generation. The Japanese government is aiming to nearly double this to 38 percent by 2030, contributing to its plan to reach net zero by 2050. And some estimates show Japan will need around $147 billion investment in renewables and storage until 2030.

This news comes amidst reports British Government officials are due to visit Japan this month, in the first senior UK visit since the UK joined countries including Japan in the Comprehensive and Progressive Trans Pacific Partnership (CPTPP). 

“There’s a huge opportunity to help meet Japan’s renewables targets and accelerate its clean energy transition” said Zoisa North-Bond, CEO of Octopus Energy Generation. “This investment in fast-growing solar developer Yotsuya is our first step into Asian renewables - and it’s only the beginning. We’ve got big plans to scale our team in Asia, and invest in and build even more green power across the continent.” 

Toshiaki Isoi, CEO and Representative Member of Yotsuya Capital, said that the funding from Octopus is transformational for the company, meaning it can accelerate its growth to the next level and develop much more solar across Japan in the coming years, contributing to Japan’s net zero target by 2050 while also making a positive impact on the local community.

Octopus Energy Group entered Japan’s energy market in December 2020, launching a joint venture with Japan’s leading energy company Tokyo Gas. The newly formed energy retailer provides 100 percent green electricity to households and recently crossed the 160,000 customer mark. It aims to serve 1 million Japanese households by 2026.

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