Octopus Energy, a global renewable energy asset manager, has made its first investment in the Asian renewable energy market through its power generation subsidiary. The company has invested in Yotsuya Capital, a Tokyo-based solar developer, with the goal of accelerating Japan’s energy transition.
Yotsuya Capital and Octopus Energy join forces to boost solar farm development in Japan
The first seven-figure investment from the Sky fund will allow Yotsuya Capital to develop 250 MW of solar farms in Japan over the next five years, generating enough green energy for almost 100,000 homes and avoiding 140,000 tons of CO2 emissions.
Yotsuya Capital focuses on developing solar farms in all regions of Japan, selling the energy generated through long-term power purchase agreements with companies. Octopus Energy ‘s investment will be transformational for Yotsuya Capital and will enable it to contribute to Japan’s carbon neutrality goal while positively impacting local communities.
Japan is the world’s third largest economy with a high demand for electricity, and renewable energy currently accounts for about 20% of its electricity generation. The Japanese government aims to double this share to 38% by 2030 and achieve carbon neutrality by 2050, requiring an estimated $147 billion investment in renewable energy and storage by 2030.
Octopus Energy plans to invest and build more green energy in Asia
Octopus Energy’s investment comes as its retail business in Japan passes the 160,000 customer mark, providing 100% green electricity to households. The company aims to serve one million Japanese households by 2026.
Zoisa North-Bond, CEO of Octopus Energy Generation, sees a huge opportunity to meet Japan’s renewable energy goals and accelerate its clean energy transition. This investment in Yotsuya Capital is just the beginning of Octopus Energy’s plans to expand its team in Asia, investing and building even more green energy on the continent.
The announcement also coincides with reports that British government officials are scheduled to visit Japan this month. This is the UK’s first major visit since joining the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), which includes Japan.
