The generation division of UK-based Octopus Energy has announced an investment in renewable energy developer FF New Energy Ventures (FFNEV) that will support the Spanish company's plan to develop cheaper green energy and reduce dependence on fossil fuels. With this transaction, Octopus Energy is expanding its presence in Spain and entering the Portuguese green generation market.

The investment by the Octopus Energy Development Partnership (OEDP) fund will strengthen FFNEV's activity in Spain and Portugal and its future expansion to other European countries and Latin America. FFNEV currently has 2.1 gigawatts of renewable projects in the pipeline and is involved in the development of floating offshore wind, where it has set a target of five gigawatts.

One million households
The funding received will enable FFNEV to advance its goal of reaching 1.6 gigawatts of solar power and storage installations on the Iberian Peninsula by 2030. With this capacity, it will be able to power nearly one million homes, avoiding the emission of 945,000 tonnes of carbon dioxide, which is equivalent to the withdrawal of nearly 520,000 petrol cars and planting more than 4.6 million trees.

Octopus Energy describes Spain as one of the most active solar markets in Europe, with fifteen gigawatts of solar capacity and huge untapped potential, critical to achieving the target of increasing renewable electricity generation to 74% by 2030. Portugal's target of generating 80% of its electricity from renewable sources by 2026 reinforces the attractiveness of this investment.

Green energy generation
The OEDP fund, endowed with €220 million to invest in the early stages of new green power generation, was launched in September of this year and is managed by the generation arm of Octopus Energy. FFNEV is its third investment, following UK developer Exagen and Italy's Nexta.

Octopus Energy Spain started operations in August 2021 as a retail energy supplier, after acquiring the startup Umeme. A year later, it acquired the solar division of the Valencian company Solger Energy, which was integrated into its services area with the aim of exceeding 80,000 home solar systems in Spain in five years.

Octopus Energy Generation is one of Europe's largest renewable energy investors, with managed assets of more than £5 billion. In 2020, it agreed to acquire four solar parks in Spain, when they are ready for construction, through the Octopus Renewables Infrastructure Trust (ORIT).

Making a difference
Octopus Energy Generation CEO Zoisa North-Bond said, "Now more than ever, we need to build more green energy to help reduce gas dependency and lower energy bills. Investments like this agreement with FFNEV will help to make a difference quickly. This latest news is just the beginning for us, as we have big plans in this part of Europe".

FFNEV President Vicente López-Ibor Mayor explained, "We founded and launched FFNEV in 2018 and have been busy developing a high quality pipeline in Iberia, driven by our successful, recognised and experienced team. We are delighted to build on our long-standing relationship with Octopus and have no doubt that this latest endorsement will accelerate FFNEV's growth in Iberia and abroad".

Finally, Roberto Giner, CEO of Octopus Energy Spain, added, "We have always been driven by our commitment to transform the energy system to 100% renewable energy. This latest news is an exciting milestone in Octopus' journey in Spain as we continue to grow our presence".

^{Photo: Octopus Energy}