Octopus Energy invests in renewables developer FFNEV

UK renewable energy retailer Octopus Energy Group is setting foot in Portugal’s green generation market with an investment in Spanish-founded renewables developer FF New Energy Ventures (FFNEV) which has a projects pipeline of 2.1 GW.

The investment will support FFNEV’s goal of having 1.6 GW of new solar and storage capacity by 2030. The Spanish firm is also participating in floating offshore wind development with a target of 5 GW.

For Octopus, the deal is an opportunity to accelerate its expansion into new European countries and Latin America in the future, it said in a press release on Thursday.

The financial details of the transaction remained undisclosed.

The bet on FFNEV is being made through a EUR-220-million (USD 212.5m) fund of Octopus’ generation arm, The Octopus Energy Development Partnership (OEDP).

Octopus is already active in Spain. It launched a local unit as a retail energy supplier last year after acquiring green energy start-up Umeme. In August 2022, Octopus Energy Spain bought the solar business of Valencia-based Solger Energy.

(EUR 1 = USD 1.062)

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