June 21, 2024

Octopus Energy Acquires 100MW Solar Farms in Ohio and Pennsylvania

London-based Octopus Energy announced its entry into the US renewable energy market with the acquisition of two operational solar projects from Vesper Energy, totaling 100 MW in capacity.

The Two Solar Farms Were Purchased From Vesper Energy

The Nestlewood Solar farm covers 610 acres in Clermont and Brown County, Ohio. It has a power purchase agreement (PPA) with a Fortune 100 e-commerce company. The Gaucho Solar project is situated on 68 acres spanning Beaver County and Allegheny County. It is celebrated as the largest solar initiative in Southwestern Pennsylvania featuring 55,000 solar panels and provides sustainable electricity to the University of Pittsburgh.

These two solar farms were acquired from Vesper Energy Development, a reputable developer of renewable energy projects in the US. Both facilities have established long-term energy supply agreements, with Vesper continuing as their asset manager.

Solar Projects to Power 20,000 Households

The 80-MW Nestlewood Solar site in Ohio and the 20-MW Gaucho Solar site in Pennsylvania together produce enough electricity to power 20,000 households annually.

The acquisition of these solar farms, totaling 100MW in capacity, represents the company's inaugural investment in the US since committing to invest $2 billion in generation projects in the market by 2030.

Octopus Expands Global Solar Portfolio to 2GW

Octopus announced that acquiring the plants in Pennsylvania and Ohio from US clean energy developer Vesper Energy Development has expanded its solar power portfolio to 2GW globally. It also holds an additional 1.7GW of green energy projects, encompassing both onshore and offshore wind farms globally, spanning Europe and Australia, and with upcoming projects planned in Asia and Africa.

This marks Octopus' latest step in its energy transition investment surge in North America, following agreements with Ocergy, a floating offshore wind technology company, and Cultivo, a startup focused on nature projects, in the US.

Greg Jackson, founder and CEO of Octopus Energy, described the company's initial renewable energy investment in the US as a significant milestone.

"As we accelerate our renewable energy investments globally, we plan to inject $2 billion into the US clean tech market in the coming years. Green energy is not only the future but also the most economically viable energy source today. By expanding our infrastructure, we aim to expedite the transition to a more affordable and sustainable energy system for all." Greg Jackson said.

Octopus Energy's acquisition of these solar farms underscores its strategic move into the US market and its broader goal of expanding renewable energy infrastructure globally.

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