Octopus Energy to invest $1bn in Californian clean tech
UK-based renewable energy developer Octopus Energy Generation will invest $1bn in California’s clean energy markets. Investments will target clean-tech projects across three themes – carbon removal, heat batteries and solar energy.
As part of its plans, Octopus will acquire a solar energy and battery storage project expected to reach operational capacity by July 2026. Investments will also support a rollout of heat batteries to replace fossil-fuel boilers in the state.
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In addition, Octopus will invest in two carbon removal companies engaged in grassland restoration and reforestation. In a statement, the company says ‘Big Tech’ companies have lined up to purchase carbon credits generated from underlying assets.
The announcement was made during California governor Gavin Newsom’s visit to Octopus Energy’s London offices.
“Octopus and California are both leading the way in clean energy innovation. With supportive policy and world-class entrepreneurship in and around Silicon Valley, it’s an ideal place to back long-term investment partnerships that will benefit the UK economy”, commented Octopus Energy Generation’s chief executive Zoisa North-Bond.
The California deals are the latest in Octopus Energy’s push to invest $2bn in the US by 2030. Its existing portfolio in the country includes solar farms in Ohio and Pennsylvania as well as investment in floating offshore wind channelled through Vector – its offshore wind fund.
Governor Newsom, as part of his visit, also met with UK energy secretary Ed Miliband. The UK has signed an agreement with the state of California to deepen a long-standing partnership on clean energy investment.
“California is the best place in America to invest in a clean economy because we set clear goals and we deliver”, he said, while welcoming the investment from Octopus. “California will continue showing the world how we can turn innovation and ambition into climate action”, he added.
