RES and Octopus Energy will spend £3bn ($4.1bn) building UK green hydrogen production plants powered by wind and solar, the companies said.

UK-based RES – one of the world’s largest developers of green power plants – and fast-growing energy group Octopus plan to invest the money by 2030 to jointly develop, own and operate renewables-powered H2 facilities.

“The aim is to make the most of green electrons when they are generated in abundance on sunny and windy days by storing them as green hydrogen, helping the UK become more energy independent,” the partners said.