The United Kingdom’s largest electricity supplier Octopus Energy Ltd. has entered the U.S. renewables market, targeting to invest $2 billion in generation projects by 2030.
Octopus acquired one solar farm in Ohio and another in Pennsylvania, kicking off its first renewable energy investment in the USA, the company said in a news release. The two solar farms were acquired from Vesper Energy Development, an experienced developer of renewable energy projects, and both farms have long-term energy supply deals in place.
The projects have a combined capacity of 100 megawatts (MW), enough clean energy to power 20,000 homes and equivalent to removing 36,000 cars from roads, Octopus stated.
Greg Jackson, Founder of Octopus Energy, said, “Our first US renewables investment is a major milestone for us. As we supercharge our renewables deals worldwide, we’re set to invest $2 billion into the US clean tech market over the next few years. Green energy isn’t just the future, it’s the most cost-effective energy source here and now. The more we build, the faster we can power up a cheaper, greener energy system for everyone”.
The acquisition follows Octopus’ agreements with floating offshore wind tech company Ocergy and nature projects startup Cultivo in the country.
The company now manages a global solar power portfolio of 2 gigawatts (GW). It also has a further 1.7 GW of green energy projects such as onshore and offshore wind farms around the world, including in…
