Octopus Energy Generation has unveiled a solar investment in South Korea, accelerating its Asian renewables plans.
The funding supports the creation of up to 20 solar power facilities over the coming two years. These sites are forecast to produce 140MW of renewable electricity annually.
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The South Korean investment was made via the Sky fund (ORI SCSp), overseen by Octopus Energy Generation.
The firm is collaborating with Skygreen Energy, a local developer leading the rollout.
The solar farms will vary in size, covering small to mid-scale installations. The electricity produced could supply 45,000 households each year.
Skygreen intends to raise its total capacity to 500MW in the future. The company is also considering additional technologies such as battery storage and land-based wind. The initial focus will be on the central western parts of South Korea.
Power generated will be offered to major industries such as manufacturing and tech.
This aligns with broader efforts to reduce emissions across carbon-intensive sectors. Skygreen aims to support corporate customers in lowering their environmental impact.
30% of South Korea’s electricity currently comes from coal-fired plants.
National plans aim to boost renewables from 10% to 33% of the energy mix by 2038. These goals provide strong incentives for scaling up solar infrastructure.
Octopus Energy Generation CEO Zoisa North-Bond stated: “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.”
This project follows Octopus’ earlier stake in Deep Wind Offshore, a wind energy developer. The company is progressing with offshore wind projects along South Korea’s coast. Octopus has also funded solar expansion through Japan’s Yotsuya Energy.
Octopus entered the Japanese energy market in 2022 by partnering with Tokyo Gas. The joint venture delivers environmentally friendly energy to residential users. Since launching, the company has grown to serve 370,000 customers across Japan.
Skygreen Energy CEO Jae Choi stated: “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.”
