Octopus Opens Asia Fund, Backs Philippine Solar Developer Octali

• Octopus Energy launched an Asia Electrification Fund at COP31 that aims to catalyse $600 million and has $50 million from Japanese investors.
• Its first investment is Manila developer Octali, which targets 450 MW of solar and 350 MWh of battery storage.
• Coal produced 57.2% of Philippine grid power in 2025, according to the Department of Energy.

Octopus Energy launched an Asia Electrification investment fund on Nov. 10 at the COP31 climate summit in Antalya, Turkey, and named Manila-based solar and storage developer Octali Energy Development as its first investment. The fund aims to catalyse $600 million from institutional investors and is already backed by $50 million from Japanese investors, the UK company said in a statement.

Octopus will help Octali develop a targeted 450 MW of solar and 350 MWh of battery storage. The company said those projects could supply enough electricity for more than 300,000 Philippine homes a year by 2030. None of it is built yet. The statement does not name the Japanese investors, the size of the stake in Octali, project sites or the batteries' power rating.

Coal still dominates the country's power mix. Octopus put its share at more than 60%, citing International Energy Agency data. Figures from the Department of Energy show coal produced 57.2% of Philippine grid generation in 2025, while solar supplied 3.8%.

The fund in numbers

• $600 million is the amount Octopus aims to catalyse from institutional investors.
• $50 million from Japanese investors already backs the fund.
• 8.3% of the $600 million goal is covered by that Japanese backing (list.solar calculation).
• 450 MW of solar and 350 MWh of battery storage make up Octali's targeted pipeline.
• 2 GW of clean energy projects in development in Asia are already managed by Octopus Energy Generation.
• 62.5% of Philippine grid generation came from coal in 2024, falling to 57.2% in 2025 (list.solar calculation from DOE data).
• 25.6% growth in Philippine grid solar output in 2025, to 4.79 TWh (list.solar calculation from DOE data).

The fund is managed by Octopus Energy Generation, which runs 5.7 GW of renewable projects in 21 countries worth £8.5 billion ($11.4 billion). Its Singapore-based team has earlier deals with solar developers Yotsuya Energy in Japan and Skygreen Energy in South Korea, and with offshore wind developer Deep Wind Offshore. Beyond the Philippines, its first market, the fund will look at Japan, South Korea, Singapore, Indonesia, Thailand, Malaysia and Vietnam.

"Our first investment in the Philippines is an exciting step," Zoisa North-Bond, chief executive of Octopus Energy Generation, said.

Octopus gave no date for further closes of the fund or for Octali's first project. The 300,000-home estimate is tied to 2030.