London-based Octopus Energy has entered the US renewable energy market by acquiring two operational solar projects from Vesper Energy, which total 100 MW in capacity.
Details on the Acquired Solar Farms
The Nestlewood solar farm spans 610 acres across Ohio’s Clermont and Brown Counties and operates under a power purchase agreement (PPA) with a Fortune 100 e-commerce company. Spanning 68 acres in Beaver and Allegheny Counties, the Gaucho solar project is Southwestern Pennsylvania’s largest solar initiative, featuring 55,000 solar panels that provide sustainable electricity to the University of Pittsburgh.
The Nestlewood Solar farm
Octopus acquired the two solar farms from Vesper Energy Development, a well-regarded developer of US renewable energy projects. Vesper will continue to serve as the asset manager for both facilities, which already have long-term energy supply agreements in place.
Solar Farms to Power 20,000 Households
Combined, the 80 MW Nestlewood Solar farm in Ohio and the 20 MW Gaucho Solar farm in Pennsylvania generate enough electricity to power 20,000 households each year.
The 100 MW acquisition is the company’s first investment in the US since committing to a $2 billion investment in the market’s generation projects by 2030.
Octopus Expands Global Solar Portfolio to 2GW
The acquisition of the Pennsylvania and Ohio plants from Vesper Energy Development brings Octopus’s global solar portfolio to 2 GW. The company also holds another 1.7 GW in green energy projects—including onshore and offshore wind farms—across Europe and Australia, with more planned for Asia and Africa.
This move is the latest in Octopus’s North American energy investment strategy, following agreements with Ocergy, a floating offshore wind technology firm, and Cultivo, a startup specializing in nature-based projects in the US.
“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,” said Greg Jackson, founder and CEO of Octopus Energy.
Octopus Energy’s acquisition of these solar farms represents a key milestone in its strategic entry into the US market and supports its broader goal of expanding renewable energy infrastructure globally.