LONDON (Reuters) – UK power supplier Octopus Energy said on Thursday it would invest 2 billion pounds ($2.7 billion) in British clean energy projects by 2030.
It announced the plan as it finalised the acquisition of four solar projects in England from Germany’s BayWa that have a combined capacity of 222 megawatts. Due to be operational between 2025-2026, the solar farms will produce enough power for 80,000 homes.
The UK government is aiming to triple its solar capacity from the current 14 gigawatts (GW) to 50 GW by 2030 as part of efforts to have net zero emissions by the middle of the century.
Octopus now backs 16 onshore wind farms, three offshore wind farms, three battery projects, 138 solar farms and thousands of rooftop solar projects in Britain.
Octopus also said it was submitting multiple applications for new wind turbines this year following reforms by the government to onshore wind planning in England.
“The UK is on the verge 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,” said Zoisa North-Bond, CEO of Octopus Energy Generation.
($1 = 0.7488 pounds)
(Reporting by Nina Chestney; Editing by Hugh Lawson)
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