The investment was announced at the 36th Franco-British Summit in Paris. Credit: Octopus Energy.

UK-based energy retailer Octopus Energy is planning to invest €1bn ($1.07bn) in France’s clean energy segment over the next two years.

The company announced the investment at the 36th Franco-British Summit in Paris, which was chaired by UK Prime Minister Rishi Sunak and French President Emmanuel Macron.

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The investment will help generate enough clean energy to meet the power needs of 300,000 households.

Octopus Energy founder and CEO Greg Jackson said: “Octopus operates across ten European countries and today, we’re delighted to announce a huge increase in our cooperation with France.

“We’re planning to invest an extra billion Euros in French generation ‒ but we’re also going to make Paris our EU technology hub.

“This is testament to the mutual commitment to investing in a clean energy system and pioneering the digitisation that will drive costs down alongside carbon.”

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In addition to the investment, Octopus Energy plans to launch a European tech hub in Paris through its subsidiary Kraken.

The tech hub is expected to create green energy jobs in the region while supporting ‘millions’ of customers across the continent.

Octopus Energy France CEO Vincent Maillard said: “We are very proud to see Octopus Energy’s role in France’s energy transition recognised at the highest level of the French government.

“In doing so, the group combines retail energy expertise, major investments in renewable generation and cutting-edge technology to unlock innovative tariffs and deliver an outstanding customer experience to French households.”

Octopus Energy entered the French energy market last year by acquiring energy supplier Plüm énergie.

The company has since set a target to have one million customers in France by 2026.

Last month, Octopus Energy bought an additional stake in the 270MW Lincs wind farm project, which is located offshore from England’s east coast.