Octopus Energy’s generation arm expands green power in Iberia by investing in renewables developer FF New Energy Ventures (FFNEV) to develop cheaper green power, reducing fossil fuels reliance. 

The partnership aims to scale activity in Spain and Portugal and accelerate expansion into new European countries and Latin America in the future. This will mark the first time Octopus will enter into Portugal’s green generation market. 

Vicente Lopez-Ibor Mayor, Chairman of FFNEV, said: “We founded and started FFNEV in 2018 and have been busy developing a top-quality pipeline in Iberia, driven by our successful, recognised and experienced team. We’re delighted to be building on our long-standing relationship with Octopus and have no doubt this latest backing will accelerate FFNEV’s growth in Iberia and abroad.” 

The press release stated that FFNEV has 2.1GW of renewable projects in their pipeline already and is also participating in floating offshore wind development with a target of 5GW.  

With this latest funding they’re targeting 1.6GW new solar and storage sites in these markets by 2030. This could power nearly 1 million homes, avoiding 945,000 tonnes of CO2, the equivalent of removing nearly 520,000 petrol cars and planting over 4.6 million trees. 

Zoisa North-Bond, CEO of Octopus Energy Generation, comments: “Now more than ever before, we need to build more green power to help reduce gas reliance and bring down energy bills. Investments like this deal with FFNEV will help make a difference quickly. This latest news is only the beginning for us – as we’ve got big plans in this part of Europe.” 

This deal is the next step for Octopus Energy in Spain. Octopus Energy Spain launched as a retail energy supplier in August 2021 after acquiring green energy startup Umeme, offering customers 100% green energy tariffs. 

Source and picture: Octopus Energy