Octopus, a European commercial solar player, has expanded into the Australian market with the opening of an office in Melbourne.
The move builds on Octopus’ track record in the United Kingdom, where it has attracted significant retail and institutional funds since the company entered the renewables market in 2010. Since then, Octopus has accelerated the growth of local renewables markets by providing flexible funding opportunities to support the development, construction and long-term management of assets.
Octopus sees an exciting opportunity to deploy its own funds and also attract local investment into the Australian renewables market, with the intention to build a portfolio of scale over time, as part of the plan to expand its energy business beyond Europe.
Matt Setchell, head of Octopus’ energy investments team, said, “Australia has fantastic solar and wind resources and the potential to be at the leading edge of renewables. The team now on the ground in Australia has been integral in growing our business into Europe’s largest solar investment management business over the last five years. These two factors combined present an exciting opportunity for us to become a significant player in Australia’s energy transition.”
Sam Reynolds, head of Octopus’ new Australia office, added, “Octopus is a leader in commercializing, consolidating and managing assets for long-term owners and delivering returns to our investors, and we are treating our entry into Australia as a long-term investment. The fundamental shift from fossil fuels to renewables is already under way. Policies and markets will need to adapt — we’ll be leveraging our extensive European experience to navigate this rapidly evolving market and bring the right investment opportunities to our investors. In the process we’ll be creating jobs in Australia, financing the growth of Australian innovations and bringing cheaper and cleaner energy to Australian businesses and homes.”
Octopus is a non-utility investor in onshore renewables in the United Kingdom and a commercial solar player in Europe with a $3.23 billion portfolio of clean energy assets, totaling 2,026 megawatts. Since 2011, the team has built market-leading positions as an investor and manager of solar, wind, biogas, biomass, landfill gas, and reserve power assets.