In Ireland, Octopus has taken a majority stake in Verde Energy Group, who install energy efficiency solutions for a range of organisations, from local councils to large corporations. The company will use the investment to develop over 50 solar projects across the country by 2027, totalling 100 MW of new solar energy.
It comes as Octopus continues to scale its activity in Ireland, with investments in one of the country’s largest solar farms as well as onshore and floating offshore wind developments. Ireland has ambitious green targets, aiming for 80 percent of electricity to come from renewables by 2030, including a 8 GW solar target.
In Portugal, Octopus set up a joint venture with local entrepreneurs to drive the development of solar energy. The new company called SparkWave Energy will build over 50 solar projects by 2027, amounting to 150 MW green energy.
Octopus first entered Portugal’s clean energy market last year with its investment in renewables developer FF New Energy Ventures operating in Iberia. The country has 2.6 GW of solar capacity, the growth of solar outpaced other renewable sources last year - and it is expected to reach 21 GW by 2030.
As part of these deals, Octopus will finance solar installations with zero upfront costs to the business customers who receive them. The businesses will benefit from solar power installed at their premises and sold back to them at an affordable rate through fixed Power Purchase Agreements (PPA).
“Verde and SparkWave are great partners to work with to scale this massive solar opportunity we’re seeing across many countries in Europe and beyond” said Zoisa North-Bond, CEO of Octopus Energy Generation. “Projects like these are making the Emerald Isle even greener and helping sunny Portugal capitalise on its amazing sunny weather. We’re looking forward to scaling these ventures to bring cheaper, cleaner energy harnessing the power of the sun to even more businesses.”
Diego Hernando Ortega, co-founder of SparkWave Energy, added that the solar energy sector is developing like never before in Portugal and that recent reforms have streamlined the market, meaning that, combined with Portugal's outstanding solar resources, there is significant potential to develop numerous solar projects.
These latest two investments have been made by the Sky fund (ORI SCsp) which is managed by Octopus Energy Generation.
Octopus has been investing in developers since 2010 to create new solar energy. It also acquired Zestec Renewable Energy in 2022, a developer building over 100 solar projects for businesses in Britain.
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