Octopus Energy invests 2 billion stg into UK clean energy

Octopus Energy, a UK-based power company, announced on Thursday that it will invest 2,7 billion pounds (2 billion dollars) in British clean energy initiatives by 2030.

The plan was announced as the company finalised its acquisition of four solar farms in England, which have a combined power of 222 Megawatts. The solar farms are expected to become operational in 2025-2026 and produce enough electricity for 80,000 households.

As part of its efforts to achieve net zero emissions in the second half of the century, the UK government aims to triple the capacity of solar power from 14 gigawatts to 50 GW.

Octopus has now backed 16 onshore windfarms, three offshore windfarms, three battery projects and 138 solar farms in Britain.

Octopus said that it would also submit multiple applications this year for new windmills following the reforms made by the English government in onshore wind planning.

The UK is at the beginning of a green revolution. This PS2 billion in domestic renewables will boost our energy security, and pave way for an affordable energy future," stated Zoisa Nord-Bond CEO of Octopus Energy Generation. ($1 = 0.7488 lbs) (Reporting and editing by Nina Chestney)

(source: Reuters)