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Octopus Energy has announced a new investment in South Korea as it continues expanding its renewables portfolio in Asia. The company is backing Skygreen Energy, a local developer, to build up to 20 small- to medium-scale solar farms over the next two years. The projects are expected to deliver a combined capacity of 140 MW, generating enough electricity to power around 45,000 homes annually. Skygreen plans to grow its portfolio to 500 MW in the future and may diversify into energy storage and onshore wind. Initially, the focus will be on the mid-western regions of South Korea, with clean power supplied to technology, manufacturing, and heavy industry firms aiming to reduce their carbon emissions. South Korea currently sources about 30% of its electricity from coal but is targeting a significant rise in renewables, aiming to grow its share from 10% to 33% by 2038. The country’s energy transition goals present considerable opportunities for solar development. This latest move follows Octopus Energy Generation’s investments in Japan’s Yotsuya Energy and offshore wind projects in South Korea via Deep Wind Offshore. The deal was made through Octopus’ Sky fund (ORI SCSp). Zoisa North-Bond, CEO of Octopus Energy Generation, says: “After our first steps into investing in Asian renewables in Japan, we’re now switching on our latest venture in South Korea. “With a huge appetite for clean power and a heavy reliance on fossil fuels, there’s vast potential to make a real impact.” Jae Choi, CEO of Skygreen Energy, adds: “South Korea’s renewable energy sector holds immense potential to address the urgent challenges of climate change while also enhancing energy independence, job creation and technological progress.” |
