The company made its first renewable energy investments in the US three months ago with the acquisition of solar farms in Ohio and Pennsylvania. This new deal has been sealed with solar farm developer Circal to help them rapidly scale up. Circal has multiple gigawatts of projects in its pipeline, developing solar farms in the US and in Ireland. The company is target 600 MW of new solar farms in the US over the next five years, focusing primarily on Texas, aiming to generate enough green power for 40,000 Texan homes.
UK-based solar developer Zestec, also supported by Octopus Energy, is also moving into the US market, targeting projects on commercial and industrial businesses’ rooftops and land, such as warehouses and logistics centres. Zestec will install solar panels at no cost, enabling these businesses to benefit from fixed prices and savings from solar energy.
Zestec is also focusing on Texas and is also targeting the East Coast, including Massachusetts, New York, and New Jersey. It is aiming to build hundreds of new solar projects in the next five years.
These latest deals were made on behalf of the Octopus Energy Development Partnership (OEDP) and Sky (ORI SCsp) funds it manages.
The US is currently speeding up the rollout of solar energy, installing a record 40 GW of solar in 2023.
“The US continues to break its records with the amount of clean, cheap, solar power it is building” said Zoisa North-Bond, CEO of Octopus Energy Generation. “We entered America’s renewables market just three months ago and have big ambitions to build even more green power. With these latest deals we’re helping power up the clean energy revolution across the USA to create a cheaper and greener future.”
This is the latest in a string of deals Octopus Energy’s generation arm has made to accelerate the green energy transition in the US, including investments in Ocergy, floating offshore wind tech company in California, and nature projects startup Cultivo.
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