Octopus Energy’s generation arm has invested in Japanese solar power developer Yotsuya Capital to develop new solar farms in Japan over the next five years, in its first investment in Asian renewables generation since it entered the market in 2020.
The exact value of the deal was not disclosed but the British group said it was an initial “seven-figure” investment to help Yotsuya Capital develop 250 megawatts of solar power, enough to power the equivalent of almost 100,000 homes.
The Japanese firm is looking to develop solar farms in all regions of Japan on sites where solar can add value to surrounding areas.
Japan is aiming to nearly double its renewables share of electricity generation to 38% by 2030.
Octopus Energy entered Japan’s energy market in Dec. 2020, launching a joint venture with Japan’s leading energy company Tokyo Gas. The energy retailer aims to serve 1 million Japanese households by 2026.
Source: Reuters.com