Octopus Energy Group, based in the UK, has joined the Italian green energy market through a partnership with Nexta Capital Partners, an Italian renewable developer. By establishing a joint venture, the two firms anticipate constructing 1.1 GW of new onshore wind, solar, and energy capacity in the southern Italian region by 2025. The Octopus Energy Group will invest in the development of these new renewable assets through its $215.7 million Octopus Energy Development Partnership (OEDP) fund. With the support of the OEDP investment, Nexta will be able to secure the projects’ required land, grid connections, and planning approval.
Reportedly, the renewable portfolio will provide enough clean energy to power 1.2 million homes while reducing carbon emissions by around 950,000 tpa. The move will assist Italy in increasing its renewable energy capacity while reducing its reliance on Russian gas.
In September 2022, Octopus Energy Generation agreed to acquire an additional 15.5 per cent stake in the Lincs offshore wind farm in the UK. In the 270 MW offshore project, the company’s Sky fund acquired a 7.75 per cent stake, while the Octopus Renewables Infrastructure Trust increased its share of the wind farm by acquiring an additional 7.75 per cent. No financial details of the deal have been disclosed.