Octopus Energy to Expand Renewables Development in Spain and Enter Portugal

• Octopus expands in Spain and enters Portugal’s green generation market

• Backs FFNEV to create 1.6GW green power for nearly 1m homes by 2030

• Latest deal by Octopus Energy Development Partnership (OEDP) to build new green energy, reduce Europe’s gas reliance and lower energy bills

Octopus Energy’s generation arm expands green power in Iberia by investing in renewables developer FF New Energy Ventures (FFNEV) to develop more cheap green power, reducing fossil fuels reliance.

The Octopus Energy Development Partnership's (OEDP) investment in FFNEV, a Spanish company created in Portugal, will scale up operations there and speed up expansion into additional European nations and Latin America in the future. Octopus is now officially a player in Portugal's green energy sector.

FFNEV now has 2.1 GW of renewable energy projects in development and is also taking part in the development of 5 GW worth of floating offshore wind. By 2030, they hope to build 1.6 GW worth of new solar and storage facilities in these markets with this most recent funding. With this, 945,000 tonnes of CO2 may be avoided, which is the same as removing about 520,000 gasoline automobiles from the road and growing over 4.6 million trees. This could power nearly 1 million households.

With 15GW of solar capacity and enormous untapped potential to reach plans to expand its renewable electricity generation to 74% by 2030, Spain is one of Europe's most active solar markets. Portugal has 2GW of solar energy and this year announced intentions to replace its gas-fired electricity generation with the production of 80% of its electricity from renewable sources by 2026.

The €220 million OEDP fund, which was established in September and is run by Octopus Energy's generation unit, makes investments in innovative green energy generation in its infancy. Exagen, a developer of renewable energy in the UK, will construct one of Britain's largest batteries with the help of OEDP investment. Nexta will build 1.1GW of green energy in Italy. The fund has made three investments to date, with more planned for Europe after the cooperation with FFNEV.

(Source : ESG News)