Octopus has supported a highly experienced and expert local team – Skygreen Energy – to develop up to 20 small- to medium-sized solar farms in the next two years. These new solar farms will generate 140 MW of clean energy - enough power for around 45,000 homes a year.
Skygreen is planning to scale up to 500 MW of solar, with ambitions to potentially branch out into other green technologies like energy storage and onshore wind farms in the future.
With an initial focus on the mid-western regions of South Korea, the company aims to sell the clean power generated to technology, manufacturing and heavy industry companies, helping businesses slash their carbon footprint.
South Korea generates around 30 percent of its electricity from carbon-intensive coal. However, the country has ambitious targets, planning to triple the share of renewables in energy from 10 percent to 33 percent by 2038 – presenting a massive opportunity for solar energy.
The move by Octopus Energy follows its investment in Deep Wind Offshore, an offshore wind developer with multiple projects in the pipeline in South Korea, and its investment in Japanese solar farm developer Yotsuya Energy. This latest deal was made on behalf of the Sky fund (ORI SCSp), managed by Octopus Energy Generation.
“After our first steps into investing in Asian renewables in Japan, we’re now switching on our latest venture in South Korea” said Zoisa North-Bond, CEO of Octopus Energy Generation. “With a huge appetite for clean power and a heavy reliance on fossil fuels, there’s vast potential to make a real impact. We’re looking forward to working with Skygreen to bring more solar power to South Korean homes and businesses, powering a cheaper and greener energy future for all.”
Octopus Energy Group first entered the Japanese market in 2022, setting up a joint venture with Tokyo Gas to supply households with green energy. The business has grown quickly in recent years, now supplying 370,000 customers across the country.
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