Octopus Energy is accelerating the adoption of solar power in Spain and Portugal through its partnership with renewables developer FF New Energy Ventures (FFNEV). The Octopus Energy Development Partnership is investing €220m in FFNEV, which will allow the company to scale up its activities in both countries and accelerate expansion into other European countries and Latin America. This marks Octopus’ first entry into Portugal’s green generation market.
FFNEV has 2.1 GW of renewable projects in its pipeline and is targeting a further 1.6 GW of solar and storage sites in Iberia by 2030. This could power nearly 1 million homes, offsetting 945,000 tonnes of CO2 – the equivalent of removing nearly 520,000 petrol cars and planting over 4.6 million trees. Spain is one of Europe’s most active solar markets, with 15 GW of solar capacity, while Portugal has 2 GW of solar power and is targeting 80% renewable electricity by 2026.
The OEDP fund, which was launched in September 2021 and is managed by Octopus Energy’s generation arm, invests in early stages of new green energy generation. The partnership with FFNEV marks the fund’s third investment, with more to come across Europe. Octopus Energy Generation is one of Europe’s largest renewables investors, managing assets worth over £5bn.