Octopus Energy Enters Asian Market With 250 MW Solar Push in Japan

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London headquartered renewable player Octopus Energy has entered the Asian market. The generation arm Octopus Energy that manages £6bn green energy assets globally has announced its investment in Yotsuya Capital, an innovative solar developer in Japan, with the aim to accelerate Japan’s energy transition.

Octopus Energy said that it already has projects in the pipeline in Japan and across the continent.

The initial seven figure investment, which was made on behalf of the Sky fund (ORI SCSp) which is managed by Octopus Energy Generation, will enable Yotsuya Capital to develop 250 MW of new solar farms in Japan in the next five years.

Yotsuya Capital is a renewable energy developer with a core focus on solar energy, based in Tokyo. Octopus Energy said that Yotsuya plans to sell the energy generated in the form of long-term corporate PPAs.

According to Octopus Energy, the solar project could generate enough green power for the equivalent of almost 100,000 homes, avoiding 140,000 tonnes of CO2.

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Renewables make up 20% of Japan’s electricity generation. The Japanese government is aiming to nearly double this to 38% by 2030, contributing to its plan to reach net zero by 2050. And some estimates show Japan will need around $147bn investment in renewables and storage until 2030.

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This news comes amidst reports British Government officials are due to visit Japan this month, in the first senior UK visit since the UK joined countries including Japan in the Comprehensive and Progressive Trans Pacific Partnership (CPTPP).

Zoisa North-Bond, CEO, Octopus Energy Generation, said, “This investment in fast-growing solar developer Yotsuya is our first step into Asian renewables – and it’s only the beginning. We’ve got big plans to scale our team in Asia, and invest in and build even more green power across the continent.”

Toshiaki Isoi, CEO, Yotsuya Capital, stated, “This funding from Octopus is transformational for us. It means we can accelerate our growth to the next level and develop much more solar across Japan in the coming years.”

Octopus Energy Group entered Japan’s energy market in December 2020, launching a joint venture with Japan’s leading energy company Tokyo Gas. The newly formed energy retailer provides 100% green electricity to households and recently crossed the 160,000 customer mark. It aims to serve 1 million Japanese households by 2026.