Octopus Energy Solar Farms Drive Global Renewable Energy Expansion
Octopus Energy has unveiled a groundbreaking initiative to construct 20 solar farms in South Korea, marking its inaugural project in Asia. This ambitious endeavor is set to generate over 150 megawatts (MW) of energy, which is sufficient to power approximately 60,000 homes. This move not only marks a significant expansion of Octopus Energy’s global footprint but also aligns with South Korea’s commitment to increasing its renewable energy capacity.
The first solar farm is expected to become operational by mid-2025. The entire project is projected to prevent the release of over 110,000 tonnes of CO2 emissions annually. This initiative will benefit from the South Korean government’s Renewable Energy Certificates (REC) scheme, which is designed to bolster the country’s renewable energy capacity.
As part of its expansive global renewable energy portfolio, Octopus Energy has already surpassed 7 gigawatts (GW) in renewable energy generation and storage assets. The company has successfully developed solar, onshore wind, and offshore wind projects in several countries, including the UK, US, Germany, Sweden, Italy, France, Spain, and Australia. Explore more about Octopus Energy’s global initiatives.
The South Korean government has set an ambitious target to produce 21% of its electricity from renewable sources by 2030. The private sector is expected to play a crucial role in achieving this goal, and Octopus Energy’s investment is anticipated to significantly contribute to this target. Kim Hong-guk, head of the REC division at Korea Energy Agency, expressed his support by stating, “We welcome Octopus Energy’s investment in the Korean renewable energy market and look forward to seeing the positive impact this project will have on South Korea’s clean energy transition.”
Octopus Energy Solar Farms to Boost South Korea’s Clean Energy Goals
Octopus Energy Generation’s plan to construct 20 solar farms in South Korea represents its first venture into the Asian market and significantly expands its global renewable energy portfolio. The project will provide over 150 MW of clean energy, powering 60,000 homes annually and aiding South Korea in achieving its renewable energy targets. According to PV-Tech, the first solar farm is expected to be operational by mid-2025, with the entire project anticipated to reduce CO2 emissions by over 110,000 tonnes per year. This initiative is part of South Korea’s broader goal to produce 21% of its electricity from renewable sources by 2030, supported by the government’s REC programme.
Zoisa North-Bond, CEO of Octopus Energy Generation, emphasized the global challenge of the energy transition, stating, “The energy transition is a global challenge, and we need to do all we can to help bring more renewables online. We’re proud to be entering a brand new market with this first investment in South Korea.”
Octopus Energy Solar Farms Strengthen Global Renewable Energy Portfolio
The investment in South Korea complements Octopus Energy’s expanding renewable energy portfolio, which spans multiple countries and includes solar, onshore wind, and offshore wind projects. With assets exceeding 7 GW globally, Octopus Energy Generation is positioning itself as a key player in the international renewable energy sector.
In addition to expanding its renewable energy assets, Octopus Energy Generation has been actively involved in grid flexibility initiatives in the UK. The company recently launched a new service that provides additional grid capacity to support the UK’s National Grid Electricity System Operator (ESO) in balancing supply and demand. This service ensures that Octopus Energy’s customers are not impacted by grid constraints, allowing them to continue using energy as needed.
For more in-depth news and industry insights on Octopus Energy’s global projects, visit PVknowhow.com.
