Octopus Energy is ramping up its renewables push in Asia with an investment to support up to 20 solar farms in South Korea.
It is backing Skygreen Energy in the South Asian country to deploy a total of 140MW of renewable energy – enough to power around 45,000 homes a year.
The developer is planning to scale up to 500MW of solar, with ambitions to potentially invest in other green technologies like energy storage and onshore wind farms.
It intends to sell the clean power generated to technology, manufacturing and heavy industry companies.
South Korea is currently estimated to generate around 30% of its electricity from carbon-intensive coal, however, it aims to triple the share of renewables in energy from 10% to 33% by 2038.
Zoisa North-Bond, CEO of Octopus Energy Generation said: “After our first steps into investing in Asian renewables in Japan, we’re now switching on our latest venture in South Korea. With a huge appetite for clean power and a heavy reliance on fossil fuels, there’s vast potential to make a real impact.
“We’re looking forward to working with Skygreen to bring more solar power to South Korean homes and businesses, powering a cheaper and greener energy future for all.”
