With a combined capacity of 100MW, a UK company has purchased two new solar farms in Ohio and Pennsylvania.
As part of its goal to invest $2 billion in projects by 2030, Octopus Energy, the largest electricity supplier in the UK, has made its first investment in US renewables.
one each in Pennsylvania and Ohio, with a combined capacity of 100 MW.
These two solar farms have long-term energy supply agreements in place, and they were purchased from Vesper Energy Development, a seasoned US developer of renewable energy projects.
This is the most recent action in Octopus’ “investment spree” in North America related to energy transition. In the US, the company has already made deals with start-up Cultivo and floating offshore wind technology company Ocergy.
Currently, Octopus oversees a 2GW global portfolio of solar power.
In addition, there are an additional 1.7GW of renewable energy projects planned for Asia, Africa, and Europe. These projects include onshore and offshore wind farms.
Recently, Octopus Energy Group also extended its state-of-the-art technology platform, Kraken, into North America by licensing the platform to Canadian municipal utility Saint John Energy and collaborating with Tenaska in Texas to optimize battery storage.
Supporters of Octopus include San Francisco-based Galvanize Climate Solutions, Generation Investment Management, and the Canada Pension Plan Investment Board (CPP Investments).
The founder of Octopus Energy, Greg Jackson, stated: “We are very proud of our first US renewables investment.We plan to invest $2 billion in the US clean tech market over the next few years, as we accelerate our renewables deals globally. “Green energy is not just the future; it is the most affordable energy source right now.”
“We can power up a cheaper, greener energy system for everyone faster the more we build.”
