Octopus Energy Generation has invested in Japanese solar power developer Yotsuya Capital, marking its entry into the Asian renewables space.

The deal is aimed at expediting energy transition in the country.

Based in Tokyo, Yotsuya Capital develops renewable energy projects and focuses on solar power facilities. It aims to develop solar farms in all regions of Japan.

Octopus Energy Generation CEO Zoisa North-Bond said: “There’s a huge opportunity to help meet Japan’s renewables targets and accelerate its clean energy transition.

“This investment in fast-growing solar developer Yotsuya is our first step into Asian renewables – and it’s only the beginning. We’ve got big plans to scale our team in Asia, and invest in and build even more green power across the continent.”

The exact investment size was not disclosed, though the company stated that the initial investment is in seven figures.

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It was made on behalf of the Sky fund, managed by Octopus Energy Generation, to support Yotsuya Capital in the development of 250MW of new solar farms in Japan over the next five years.

Clean energy generated by the solar facilities will be sufficient to power nearly 100,000 homes, while offsetting 140,000t of carbon emissions annually.

Yotsuya Capital representative member and CEO Toshiaki Isoi called the investment “transformational”, and stated: “It means we can accelerate our growth to the next level and develop much more solar across Japan in the coming years. It helps us contribute to Japan’s net zero target by 2050, while also making a positive impact on the local community.”

Yotsuya plans to sell the renewable electricity under long-term corporate power purchase agreements (PPAs).