First Nations, Octopus Invest $650m for Aussie Renewables
- Octopus Australia and Indigenous groups sign agreement to co-own renewable energy projects, estimated to be worth up to AUD 1 billion. Agreement includes revenue sharing, co-ownership and skills training to reduce Australia's carbon footprint and provide employment opportunities.
Octopus Australia has signed an agreement with Australia's First Nations groups Larrakia Nation and the Jawoyn Association which will see the groups share in revenue and Co-own renewable energy projects. The total investment for near-term projects is estimated to be worth up to AUD 1 billion (USD 646.9m/EUR 600m). The renewable energy projects will be located in the Northern Territory and will include grid-connected solar parks with battery storage, solar plants for the defence forces and green hydrogen projects.
Desert Springs Octopus, a majority Indigenous-owned company backed by Octopus Australia, has been set up to spearhead the project. The agreement covers revenue sharing, co-ownership and skills training and will provide many economic and employment opportunities for the Indigenous communities. The venture will also help reduce Australia's carbon footprint while providing a reliable source of energy for the defence forces and mining sector.
What are the Benefits of Octopus Australia's AUD 1 Billion Investment in Renewables?
Benefits of Octopus Australia's AUD 1 Billion Investment in Renewables:
- Revenue sharing and co-ownership of renewable energy projects between Australia's First Nations groups Larrakia Nation and the Jawoyn Association
- Up to AUD 1 billion (USD 646.9m/EUR 600m) of total investment in near-term projects
- Creation of Desert Springs Octopus, a majority Indigenous-owned company backed by Octopus Australia
- Economic and employment opportunities for Indigenous communities
- Reduction of Australia's carbon footprint
- Reliable source of energy for Defence Forces and mining sector
- Investment in grid-connected solar parks with battery storage, solar plants and green hydrogen projects
