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Octopus Energy injects 600 MW into solar and storage in Spain

Octopus Energy strengthens its presence in Spain with three new energy projects totalling 600 MW, powering 2.3 million households and accelerating the expansion of its European renewables portfolio.

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British energy supplier Octopus Energy has announced a new investment in three projects in Spain, representing a combined capacity of 600 megawatts (MW) in solar energy and battery storage. The initiative, unveiled at the UK-Spain Trade and Investment Roundtable, will supply the equivalent of 2.3 million Spanish households, more than 10% of the country’s homes.

Multi-site deployment and portfolio diversification

The investments were made through the “Sky” fund (ORI SCSp) managed by Octopus Energy Generation, amounting to GBP2bn ($2.53bn). They include the acquisition of two solar farms located in Navarre and Albacete, with a total capacity of 100 MW, as well as a stake in a battery storage developer targeting 500 MW of installed capacity over five years.

Octopus has also invested in OneSolar, a Barcelona-based energy consultancy. The partnership aims to optimise the design and management of solar and storage projects for Spanish businesses, further embedding the group in the local energy ecosystem.

Rapid growth in the supply sector

Since entering the Spanish market three years ago, Octopus Energy has experienced rapid growth, reaching 350,000 customers and becoming the fastest-growing independent energy supplier in the country. The company aims to reach one million customers by 2027, supported by intelligent pricing offers and an aggressive digital strategy.

The Intelligent Octopus Go electric vehicle charging tariff, along with the installation of over 7,000 solar panels and EV chargers, illustrates the group’s commitment to accelerating residential and transport electrification.

Strategic expansion across Europe

Operations in Spain are part of Octopus Energy Generation’s broader European expansion strategy, with a global renewable energy portfolio now exceeding 4.9 gigawatts (GW). These projects complement existing assets and support the group’s target of reaching 5 GW in the near term.

According to Octopus Energy Generation’s Chief Executive Officer, the momentum in the Spanish market mirrors that of the UK, offering a favourable environment for deploying new energy technologies.

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