Octopus Energy to invest 2 billion stg in UK clean energy

Baywa AG

26/09/2024 10:14

LONDON, Sept 26 (Reuters) - UK power supplier Octopus
Energy said on Thursday it would invest 2 billion pounds ($2.7
billion) in British clean energy projects by 2030.
    It announced the plan as it finalised the acquisition of
four solar projects in England from Germany's BayWa that have a
combined capacity of 222 megawatts. Due to be operational
between 2025-2026, the solar farms will produce enough power for
80,000 homes.
    The UK government is aiming to triple its solar capacity
from the current 14 gigawatts (GW) to 50 GW by 2030 as part of
efforts to have net zero emissions by the middle of the century.
    Octopus now backs 16 onshore wind farms, three offshore wind
farms, three battery projects, 138 solar farms and thousands of
rooftop solar projects in Britain.
    Octopus also said it was submitting multiple applications
for new wind turbines this year following reforms by the
government to onshore wind planning in England.
    "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," said Zoisa North-Bond, CEO of Octopus Energy
Generation.
 ($1 = 0.7488 pounds)

 (Reporting by Nina Chestney; Editing by Hugh Lawson)
 ((nina.chestney@thomsonreuters.com; +44 (0) 020 7513 5674;
Reuters Messaging: nina.chestney.thomsonreuters.com@reuters.net;
Twitter: https://twitter.com/NinaChestney))