Octopus Energy Generation has taken a majority stake in Ireland’s Verde Energy Group, which will use the investment to develop more than 50 solar projects with a combined capacity of 100 MW across the country by 2027.
In Portugal, Octopus has formed a joint venture with local entrepreneurs, called SparkWave Energy, which aims to build over 50 solar projects representing 150 MW of capacity by 2027.
The deals, made through the Sky fund (ORI SCsp), expand Octopus’ activities in the two countries. As part of them, the London-based company will finance solar installations at businesses, which will buy the solar power under fixed power purchase agreements (PPA).
“Verde Energy and SparkWave are great partners to work with to scale this massive solar opportunity we’re seeing across many countries in Europe and beyond,” said Octopus Energy Generation’s chief executive Zoisa North-Bond.
According to Diego Hernando Ortega, co-founder of SparkWave Energy, the solar energy sector is currently in a strong position in Portugal. “Recent reforms have streamlined the market and combined with Portugal's outstanding solar resources, there is significant potential to develop numerous solar projects,” he added.