British energy giant Octopus Energy is launching a new investment fund to accelerate the clean power transition in Asia.
The Octopus Asia Electrification Fund (OAEF) will invest in local green energy developers to help them build out large numbers of clean-energy projects, starting with a first investment in the Philippines. Octopus is seeking to catalyze $600 million and already has received $50 million from Japanese backers.
The fund’s first investment will be in Octali Energy Development, a solar and storage developer based in Manila, the Philippines. Octopus will work with Octali’s experienced team on the ground to help develop their targeted 450 megawatts of solar and 350 megawatt-hours of battery storage. These projects could generate enough clean electricity to power more than 300,000 Philippine homes every year by 2030.
According to Octopus, the Iran war exposed many Southeast Asian countries’ reliance on imported fossil fuels. With the region’s
