Octopus Energy Generation has strengthened its foothold in Italy’s green power market through the creation of a joint venture with Nexta Capital Partners, a Milan-based renewables developer.
In an effort to help the country wean off gas and lower future energy bills, the partners are seeking to deliver 1.1 gigawatts of new onshore wind, solar farms and energy storage in the south of Italy by 2025. The renewables roll has the potential to power 1.2 million homes and avoid a potential 950,000 metric tons of carbon dioxide per year — the equivalent of removing more than 500,000 gasoline cars off the road.
The recently launched €220 million ($215 million) Octopus Energy Development Partnership (OEDP), which invests in early stages of building green power and is managed by Octopus Energy Generation, is providing funding to Nexta to secure land, grid connections, planning permission and local community engagement to get renewable projects to the ready-to-build stage.