UK-based energy group Octopus Energy’s generation arm has invested in independent power producer (IPP) FF New Energy Ventures (FFNEV) to develop 1.6GW of solar and storage in Spain and Portugal.
This investment marks Octopus’ entrance into the Portuguese renewables market, a country which aims to reach 80% of renewables in electricity production by 2026.
FFNEV currently has a 2.1GW pipeline of renewable projects and with this latest funding aims to add the 1.6GW of solar and storage capacity by the end of the decade.
With an investment through the €220 million (US$234 million) Octopus Energy Development Partnership fund (OEDP), Octopus aims to scale up FFNEV’s activity in Spain and Portugal while accelerating its expansion into new European markets and Latin America in the future.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “This latest news is only the beginning for us – as we’ve got big plans in this part of Europe.”
The OEDP fund was launched in September and invests in early stages of new green energy generation and already made an expansion in Europe last October with an investment in renewables developer Nexta.
The Spanish arm of Octopus Energy was launched in August 2021 after it acquired the green energy start-up Umeme and offered its clients 100% green energy tariffs. It further increased its presence in Spain last August with the acquisition of the solar division of Solger Energy and entering the residential market.