Octopus Energy’s generation arm is investing in two clean energy developers in Ireland and Portugal to develop more than 100 solar projects totalling 250MW of capacity.

The investments were made by ORI SCsp, managed by Octopus Energy Generation.

The new solar plants will be built on rooftops and business sites to lower fossil fuel dependency.

Octopus has bought a majority stake in Ireland’s Verde Energy Group for an undisclosed amount.

The Irish company deploys energy efficiency solutions for diverse entities including local councils and large corporations.

The investment from Octopus will enable Verde to build more than 50 solar projects with a combined capacity of 100MW by 2027.

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Octopus has formed a joint venture (JV) company, SparkWave Energy, with local businesses to support solar development in Portugal.

SparkWave Energy co-founder Diego Hernando Ortega stated: “The solar energy sector is developing like never before in Portugal. Recent reforms have streamlined the market, and combined with Portugal’s outstanding solar resources, there is significant potential to develop numerous solar projects. We are thrilled to have Octopus’ backing as we roll out solar for organisations across the country.”

Octopus has agreed to fund the solar installations with no upfront costs to the business clients.

The UK-based company said that businesses can benefit from on-premises solar energy deployment that is sold back to them via fixed power purchase agreements at an affordable rate.

Octopus Energy Generation CEO Zoisa North-Bond stated: “Verde Energy and SparkWave are great partners to work with to scale this massive solar opportunity we are seeing across many countries in Europe and beyond. Projects like these are making the Emerald Isle even greener and helping Portugal capitalise on its amazing sunny weather.

“We are looking forward to scaling these ventures to bring cheaper, cleaner energy harnessing the power of the sun to even more businesses.”