Octopus Energy Pumps In £2B For Green Projects in UK
- Octopus Energy expands renewable energy production in the UK.
- Benefitting 80,000 homes and offering discounts for customers living near wind turbines.
Octopus Energy Group, a top British renewable energy company based in London, has announced investments worth £2 billion in renewable energy projects in the UK by 2030.
The company has recently entered into agreements to construct solar farms in different locations: Bristol, Essex, East Riding of Yorkshire, and Wiltshire. The goal is to produce electricity for around 80,000 homes and reduce carbon emissions, equivalent to taking 35,000 petrol and diesel cars off the UK roads each year.
The new solar farms are expected to be operational between 2025 and 2026, with the construction of three farms to begin this year and the fourth one in 2025. Besides this, the company will also build a new battery facility in Cheshire to facilitate the storage of energy for about 10,000 homes.
Following the recent announcement, the company now supports 16 onshore and 3 offshore wind farms, 138 solar farms, and 3 battery projects across the UK. To speed up the country's renewable energy capacity, they have also bought a full stake in Exagen, a solar and storage company.
Moreover, the new government in the saddle gives the company hope to fulfil its renewable energy goals. Octopus plans to submit applications for new wind turbines and runs a Fan Club programme that provides people living near wind turbines with discounts.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “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. Solar and onshore wind are among the cheapest energy sources available. By building closer to demand, we can maximise green electricity when it’s abundant and lower bills for customers nationwide.”
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Source: Octopus Energy
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