Clean-energy investor Octopus Renewables will team up developer Gridsource to pursue construction of as much as 500MW of new PV and battery storage projects in the UK in the next five years.
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The partnership has earmarked £250m ($335m) to build these projects, which will be managed day-to-day by Gridsource and added to Octopus Renewables' currently 1.2GW solar portfolio, claimed to be the largest PV investment asset base in Europe.
“UK solar and battery capacity are key assets to bolster in the move to a decentralised, green grid. We expect that this partnership will allow our funds to invest… into these projects around the UK to bring even more renewable energy projects online and speed up the transition to a clean-energy future,” said Peter Dias, investment director at Octopus Renewables.
Gridsource development director Steven Gay said: “Solar and battery storage developments play a pivotal role in the transition to a clean energy system. We’re delighted to be partnering with Octopus Renewables and excited to be part of the transition towards net zero.”
The tie-up with Gridsource follows investments by Octopus earlier this year in Irish offshore wind developer Simply Blue, distribution network operator Eclipse Power Networks and commercial and industrial PV rooftop developer Zestec, as well as a tie-up with renewables giant RES for a $4bn green hydrogen push.
Octopus Renewables manages a total of more than 300 solar, onshore wind and biomass projects worth over £3.6bn. In July the company joined the Octopus Energy Group, dovetailing the supply and the generation side of its energy business.