The investment marks Octopus’ first entry into Portugal’s green generation market.
FFNEV has 2.1 GW of renewable projects in their pipeline already and is also participating in floating offshore wind development with a target of 5 GW. With this latest funding the company is targeting 1.6 GW new solar and storage sites in these markets by 2030. This could power nearly 1 million homes, avoiding 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, and huge untapped potential to meet targets to increase its renewable electricity generation to 74 percent by 2030. Portugal has 2 GW of solar power - and this year announced plans to generate 80 percent of its electricity from renewable sources by 2026 to replace gas-fired electricity generation.
The 220 million euro OEDP fund, which was launched in September this year and is managed by Octopus Energy’s generation arm, invests in early stages of new green energy generation. OEDP has so far invested in UK renewables developer Exagen to build one of Britain’s largest batteries and in Nexta to create 1.1 GW of green energy in Italy. The partnership with FFNEV marks the fund’s third investment, with more coming up across Europe.
“Now more than ever before, we need to build more green power to help reduce gas reliance and bring down energy bills” said Zoisa North-Bond, CEO of Octopus Energy Generation. “Investments like this deal with FFNEV will help make a difference quickly. This latest news is only the beginning for us - as we’ve got big plans in this part of Europe.”
This latest renewables deal is the next step in Octopus’ strategy in Spain. Octopus Energy Spain launched as a retail energy supplier in August 2021 after acquiring green energy startup Umeme, offering customers 100 percent green energy tariffs.
In August 2022, Octopus Energy Spain acquired the solar division of Valencian company Solger Energy. Solger Energy became part of Octopus Energy’s Services arm in Spain, with the target to complete more than 80,000 household solar installations in Spain in five years.
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