British firm Octopus Energy Group has announced plans to invest 1.5 billion pounds ($1.21 billion) in the Asia-Pacific energy market by 2027 to accelerate the region's transition to clean energy.
Of the total investment, 1.2 billion pounds will go towards solar and wind generation, with half investing in the Japanese renewables market.
The company will use the remaining 300 million pounds to expand technology innovation and its energy retail hub in Tokyo, growing the workforce tenfold by 2027 and generating 1,000 jobs in the local and Britain’s green energy industry.
Octopus Energy entered the Japanese market in late 2020 via a joint venture with Japan’s top energy company, Tokyo Gas, and has gained approximately 160,000 customers.
Currently, Japan is Octopus Energy's second-largest market after Britain, with 200,000 retail customers.
In April, the local head of the Japanese arm said that the company aims to increase the share of renewable energy in its supply mix as it provides a more stable purchasing price compared to the liquefied natural gas the company currently relies on.
Octopus Energy plans to raise 400 million pounds from Asia-Pacific investors to build more wind and solar farms in the U.K., introducing vital energy expertise to Europe and strengthening supply chains.
"Linking our businesses in Australia, New Zealand, and Singapore to the UK and Europe, our operations in Japan have helped create a unique global technology ecosystem that benefits everyone. I'm excited to take it even further with today's announcement,” said Greg Jackson, founder of Octopus Energy Group.
