London-based Octopus Energy Group, a company that uses technology to make the green energy revolution affordable, announced on Wednesday, August 24, that it has launched a new €220M renewables fund called Octopus Energy Development Partnership (OEDP).
Last month, Octopus Energy raised $325M (then, nearly €319.73M) in a round of funding to improve its energy technology platform, Kraken, and invest in products and solutions to solve the energy crisis and drive renewables at scale.
What to expect from this fund?
The new fund, OEDP, focuses on making early investments in the development of new green energy, which it says is essential to reducing Europe’s reliance on gas imports and bringing down future energy costs.
Targeting solar, onshore wind, and energy storage projects in the UK and the rest of Europe, OEDP is run by Octopus Energy Generation. According to Octopus, there’s also potential to optimise assets through KrakenFlex, Octopus’ flexibility and trading platform, which currently manages 1,300 MW of green energy assets.