Octopus Energy enters the Italian power generation market through a new partnership with Nexta. This partnership aims to help the country wean itself off gas and reduce its future energy bills.
An ambitious partnership
Octopus Energy announces its entry into the Italian green energy market by investing in renewable energy developer Nexta. Thus, Octopus Energy Development Partnership (OEDP) creates a joint venture with Nexta Capital Partner, based in Milan. The partners aim to create 1.1GW of onshore wind, solar and energy storage farms in Italy by 2025.
Octopus Energy and Nexta could power 1.2 million homes. These projects will avoid the emission of 950,000 tons of carbon dioxide per year. Thus, this capacity is equivalent to removing more than 500,000 gasoline cars.
More flexible regulations
OEDP is funding Nexta, which will secure land, grid connections, building permits and local community engagement. The goal is to bring renewable energy projects to the ready-to-build stage. In addition, Nexta, founded in 2015, has a leading position in the Italian market and employs about 30 people.
Italy depends on Russia for about 25% of its imports. In response, the government indicates its intention to reduce this share by accelerating the energy transition. Last year, the regulations were relaxed for renewable energy projects.
