Octopus Energy has launched a new investment fund targeting the expansion of renewable energy across Asia, with an initial focus on solar and storage projects in the Philippines.
The announcement was made at the COP31 climate summit in Antalya, Turkey.
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The Octopus Asia Electrification Fund (OAEF) aims to raise $600m from institutional sources to support local green energy developers throughout the region.
The fund is managed by Octopus Energy’s generation division, which oversees more than $11bn in renewable energy assets globally.
Japanese investors have already committed $50m to the initiative.
For its first investment, the OAEF will support Octali Energy Development, a Manila-based developer of solar and battery storage facilities.
Octopus Energy will work alongside Octali to progress a pipeline targeting 450MW of solar capacity and 350MWh of battery storage.
According to Octopus, these projects have the potential to generate enough clean electricity to supply over 300,000 households in the Philippines annually by 2030.
Coal remains the dominant source of electricity in the Philippines, accounting for over 60% of the country’s power generation. The country also relies heavily on oil imports, with 98% coming from the Middle East, the company said.
Regional conflicts such as the Iran war have underscored the risks stemming from dependence on imported fossil fuels.
The growth in renewable energy infrastructure is seen as a way to address increasing energy demand and bolster energy security in Southeast Asia.
Octopus Energy Generation CEO Zoisa North-Bond said: “Asia is at the heart of the global energy transition. Our first investment in the Philippines is an exciting step.
“We’re now combining our experience in renewable energy across the region with capital to help ambitious local developers scale, bring more clean power to consumers, and help build Asia’s clean energy future.”
The fund plans to explore further opportunities in Japan, Singapore, South Korea, Indonesia, Malaysia, Thailand, and Vietnam.
Its potential scope includes solar, onshore wind, battery storage, microgrids, electric vehicle charging, and other energy transition technologies.
This initiative follows Octopus Energy Generation’s participation in 2GW of clean energy projects currently in development across Asia.
In May 2026, Octopus Energy Generation revealed plans to invest £501.32m ($682.8m) in onshore wind projects across Europe.
