The generation arm of British energy giant Octopus Energy has announced it has acquired four new solar projects across England as part of a plan to invest £2 billion in renewable energy projects by 2030.
Four new solar farms currently under development have been acquired from renewable energy developer BayWa.re, with a combined generation capacity of 222 MW. One of the sites will also host a 30 MW battery energy storage system (BESS).
The projects will be spread across England, with locations in Bristol, Essex, East Riding of Yorkshire and Wiltshire. Three of the projects are expected to begin construction before the end of the year, while the fourth will begin construction work in early 2025. It is expected that all four projects will be in operation between 2025 and 2026.
Octopus Energy Generation has also announced it has broken ground on a new 12MW BESS in Cheshire, bringing its total portfolio to 16 onshore wind farms, three offshore wind farms, three battery projects, 138 solar farms and thousands of rooftop solar projects.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “The UK is on the cusp 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. Solar energy and onshore wind energy are among the cheapest energy sources available. By building closer to demand, we can maximize green electricity when it is plentiful and reduce bills for customers across the country.”
Octopus increases its generation range
The news comes less than two days after news broke that Octopus Energy Generation had bought Exagen Group. The 100% share buyout follows an investment from Octopus in August 2022 in exchange for a 24% stake in the company, and will add Exagen Group’s 2.4 GW solar and BESS pipeline to Octopus’ already massive portfolio Energy, which consists of 3.7 GW of combined generation capacity. valued at around £6.7 billion.
Octopus has also made its mark on the BESS market after signing a ground-breaking two-year fixed price tolling agreement with Gresham House Energy Storage Fund, which Gresham House says has “made the wider market aware of the opportunity” of new and innovative solutions.five investment options for BESS projects.
