Octopus Energy announced on April 15 that it will invest in South Korea’s solar power market through a partnership with local energy company Skygreen Energy.
Over the next two years, Octopus Energy plans to build up to 20 small- and medium-sized solar power plants. These new facilities will generate a total of 140 megawatts (MW) of electricity — enough to supply approximately 45,000 households annually.
Zoisa North-Bond, CEO of Octopus Energy, stated, “Following our expansion into Japan, we are now officially launching our solar business in South Korea. Given the strong demand for renewable energy and the country’s heavy reliance on fossil fuels, we believe the Korean renewable energy market has significant potential.”
Octopus Energy was founded by UK asset management firm Octopus Group. Since its establishment in 2016, the company has rapidly grown to become the leading energy supplier in the UK.
Initially, the company operated as a wholesale electricity supplier, purchasing power from external generators and selling it in the retail market. Today, it develops and operates its own wind and solar power plants. The company is currently valued at around $9 billion.
