UK-based Octopus Energy has made its first investment in the US renewable energy market by acquiring two solar facilities.

The two solar farms in Ohio and Pennsylvania have a collective capacity of 100MW.

The investment is part of the company's plan to invest $2bn in renewable energy projects by 2030.

Octopus acquired the two solar facilities from US renewable energy project developer Vesper Energy Development for an undisclosed sum.

The solar farms already have long-term energy supply agreements in place.

Octopus Energy now manages a 2GW solar power portfolio worldwide.

The company manages 1.7GW of other green energy projects, encompassing onshore and offshore wind farms across Europe and Australia, with further developments underway in Asia and Africa.

Octopus Energy's growth is supported by investors such as Generation Investment Management, the Canada Pension Plan Investment Board and San Francisco-based Galvanize Climate Solutions.

Octopus Energy founder Greg Jackson stated: “Our first US renewables investment is a major milestone for us. As we supercharge our renewables deals worldwide, we’re set to invest $2bn into the US clean tech market over the next few years.

“Green energy isn’t just the future, it’s the most cost-effective energy source here and now. The more we build, the faster we can power up a cheaper, greener energy system for everyone.

“Octopus first set foot in the US in 2020 in Houston, Texas, with the launch of its retail energy business, closely followed by the launch of its US electric vehicles leasing arm.”

In April 2024, Octopus Energy, through its investment arm, invested in Ocergy, a US-based floating offshore wind technology company.