Octopus Energy Generation is ramping up its renewables push in Asia with a new solar investment in South Korea.
Octopus has backed Skygreen Energy in a move to develop up to 20 small to medium-sized solar farms in the next two years, which will generate 140 megawatts of clean energy — enough power for around 45,000 homes each year. Skygreen is planning to scale up to 500 megawatts of solar, with plans to potentially branch out into other green technologies such as energy storage and onshore wind farms.
Although South Korea currently generates around 30 percent of its electricity from carbon-intensive coal, the country has plans to triple the share of renewables in energy from 10 percent to 33 percent by 2038.
With an initial focus on the midwestern regions of South Korea, Skygreen aims to sell the clean power generated to technology, manufacturing and heavy industry companies, helping businesses decrease their carbon footprint.
Octopus Energy Group firs
