Octopus Energy Invests in 20 Solar Farms in South Korea

Octopus Energy Generation is expanding its renewable energy efforts in Asia by partnering with Skygreen Energy to develop up to 20 solar farms in South Korea over the next two years, with a projected output of 140MW, enough to power approximately 45,000 homes annually. This initiative aligns with South Korea's goal to increase the share of renewable energy from 10% to 33% by 2038, as the country currently relies on coal for 30% of its electricity. Skygreen plans to eventually scale its solar capacity to 500MW and explore other renewable technologies, including energy storage and onshore wind. The solar farms will primarily service technology, manufacturing, and heavy industries to help reduce their carbon footprints. This investment follows Octopus's previous ventures in Asia, including support for offshore wind development and solar projects in Japan. Executives from both companies express optimism about the project’s potential to significantly impact South Korea’s energy landscape and the fight against climate change.