Octopus Energy Generation has announced a new solar energy investment in South Korea, advancing its renewable energy efforts in Asia. The initiative, managed through the Sky fund (ORI SCSp), will support the development of up to 20 solar power facilities over the next two years. These sites are expected to generate 140MW of clean electricity annually, enough to power approximately 45,000 households.

Clean power generated from the solar farms will be offered to major industries such as manufacturing and tech.

The project is a collaboration with Skygreen Energy, a South Korean developer leading the construction of these solar farms. The installations will range from small to medium-scale and focus initially on the central western regions of the country. Skygreen Energy plans to expand its capacity to 500MW in the future and is exploring additional technologies, including battery storage and onshore wind.

The electricity produced will be supplied to major industries, such as manufacturing and technology, supporting efforts to reduce emissions in high-energy sectors. Skygreen Energy aims to help businesses lower their environmental footprint through access to renewable power.

South Korea currently relies on coal for 30% of its electricity. The country has set a goal to increase the share of renewables in its energy mix from 10% to 33% by 2038, creating opportunities for projects like this to expand solar infrastructure.

Zoisa North-Bond, CEO of Octopus Energy Generation, commented: “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. We’re looking forward to working with Skygreen to bring more solar power to South Korean homes and businesses, powering a cheaper and greener energy future for all.”

Jae Choi, CEO of Skygreen Energy, added: “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. Skygreen will work closely with our talented team and stakeholders to build a cleaner and greener sustainable world for generations to come.”

This investment builds on Octopus Energy Generation’s broader activities in the region. The company has previously supported solar projects through Japan’s Yotsuya Energy and entered the Japanese market in 2022 via a partnership with Tokyo Gas, now serving 370,000 customers with sustainable energy. Octopus is also involved in offshore wind development along South Korea’s coast through its stake in Deep Wind Offshore.