The firm plans to invest £2 billion into renewable energy projects by 2030. Image: Octopus Energy.

The generation arm of British energy major Octopus Energy has announced that it has acquired four new solar projects across England as part of a plan to invest £2 billion into renewable energy projects by 2030.

Four new solar farms currently under development have been acquired from renewable energy developer BayWa.re, with a combined generation capacity of 222MW. One of the sites will also play host to a 30MW battery energy storage system (BESS).

The projects will be spread across England, with sites located in Bristol, Essex, East Riding of Yorkshire, and Wiltshire. Three of the developments are set to begin construction before the end of the year, with the fourth set to commence building work in early 2025. All four projects are expected to be operation between 2025 and 2026.

Octopus Energy Generation has also announced that it has broken ground on a new 12MW BESS in Cheshire, bringing its total portfolio to 16 onshore wind farms, three offshore wind farms, three battery projects, 138 solar farms, and thousands of rooftop solar projects.

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.”

Octopus increases its generational reach

The news comes less than two days after news broke that Octopus Energy Generation has bought out Exagen Group. The 100% equity buyout follows an August 2022 investment by Octopus in exchange for a 24% stake in the business, and will add Exagen Group’s 2.4GW solar and BESS pipeline to Octopus Energy’s already gargantuan portfolio, which consists of 3.7GW of combined generation capacity valued at around £6.7 billion.

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