Octopus Energy Invests In FFNEV; Eyes Iberia, EU and Latin America

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Octopus Energy – the wind and solar player of the United Kingdom – is bullish on the development of renewable energy in the Iberian Peninsula. The fresh evidence comes from the power generation unit of Octopus Energy investing in renewables energy player FF New Energy Ventures (FFNEV). Octopus Energy held that the investment is aimed at harnessing economical green power while reducing reliance on fossil fuels.

The investment in FFNEV will be made from the €220m ($234m) Octopus Energy Development Partnership (OEDP) Fund.

The investment is also being viewed as a key expansion plan of Octopus Energy in the European Union that will benefit about a million households.  It will not just help to scale up RE activities in Spain and Portugal but also Latin America. This is also the first green energy production opportunity for Octopus Energy in Portugal.

Vicente Lopez-Ibor Mayor, Chairman of FFNEV, stated, “We founded and started FFNEV in 2018 and have been busy developing a top-quality pipeline in Iberia, driven by our successful, recognised and experienced team. We’re delighted to be building on our long-standing relationship with Octopus and have no doubt this latest backing will accelerate FFNEV’s growth in Iberia and abroad.”

The official statement of Octopus Energy held that FFNEV already maintains a 2.1GW of renewable energy projects in the pipeline. The company is participating in floating offshore wind projects and targets 5GW in the segment.

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With the fresh investment, Octopus is aiming at 1.6-GW solar and storage sites in the said markets by the end of this decade. The clean and green energy is expected to power one million households, offsetting 945,000 tonnes of CO2 that is equivalent to removing about 520,000 petrol cars and planting more than 4.6 million trees.

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Zoisa North-Bond, CEO of Octopus Energy Generation, said, “Now more than ever before, we need to build more green power to help reduce gas reliance and bring down energy bills. Investments like this deal with FFNEV will help make a difference quickly. This latest news is only the beginning for us – as we’ve got big plans in this part of Europe.”

With regards to Spain, Octopus Energy held, “Spain is one of Europe’s most active solar markets, with 15 GW of solar capacity, and huge untapped potential to meet targets to increase its renewable electricity generation to 74 percent by 2030.”

Last October, Octopus Energy partnered with Nexta Capital Partners to enter the Italian market and develop 1.1 GW of renewables in the country.