Octopus Energy’s generation arm has announced further investment in US solar power, part of its ongoing $2 billion plan to support renewable energy development across the country.
This latest move comes just three months after the company made its first US renewables investment by acquiring solar farms in Ohio and Pennsylvania.
The new investments involve two solar developers: Circal and Zestec.
Octopus has backed Circal to expand its solar farm projects, which include multiple gigawatts of planned developments across the US and Ireland.
Circal aims to create 600MW of solar farms in the US over the next five years, with a focus on Texas, which would generate enough renewable energy to power 40,000 homes.
UK-based Zestec, which is also supported by Octopus, is establishing operations in the US to install solar panels on commercial rooftops and land.
The company plans to target businesses such as warehouses and logistics centres, installing solar panels at no cost to the businesses, with a focus on Texas and the East Coast.
The deals were made through the Octopus Energy Development Partnership (OEDP) and Sky funds managed by Octopus.
They add to the company’s global efforts to support both rooftop solar and large scale renewable energy projects.
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