Octopus Energy makes first US renewables investment, with $2 billion dedicated towards clean energy projects

The UK’s largest electricity supplier, Octopus Energy, has taken the leap into the US renewable energy market following the acquisition of 2 solar farms located in Ohio and Pennsylvania. These were acquired from Vesper Energy Development, a proficient developer of clean energy projects in the US, and they have a collective capacity of 100 MW. This is sufficient to power 20,000 homes.

Solar panel farm in US

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 $2bn 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.”

This project marks the latest progress in Octopus’ energy transition in North America, coming after deals with offshore wind technology company Ocergy and nature projects start-up Cultivo. This investment sees Octopus now managing a global solar power portfolio of 2GW, along with an additional 1.7 gigawatts of green energy projects, including onshore and offshore wind farms in Europe and Australia, which is enough to power 2.4 million households.

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Octopus Energy operates in 18 countries outside the UK, including Germany, the United States and Australia. The company recently catapulted to profitability, reporting a pre-tax profit of £283 million in the 12 months leading up to April last year, compared with a pre-tax loss of £166 million in the previous period. This turnaround was largely thanks to a decline in wholesale energy costs.