Octopus backs Spanish renewables designer

• FF New Energy Ventures is targeting 1.6 GW new solar as well as storage sites in these markets by 2030

Octopus Energy's generation arm has actually invested in Iberian renewables developer FF New Energy Ventures (FFNEV), which has a 2100MW projects pipeline.

The Octopus Energy Development Partnership (OEDP) financial investment in Spanish-founded FFNEV will scale activity in Spain as well as Portugal as well as speed up development right into new European countries as well as Latin America in the future, Octopus Energy stated.

With the most up to date financing the firm is targeting 1.6 GW new solar as well as storage sites in these markets by 2030.

FFNEV is additionally participating in floating offshore wind development with a target of 5GW.

Spain is just one of Europe's most active solar markets, with 15GW of solar capacity as well as Portugal has 2GW of solar power.

The EUR220m OEDP fund, which was introduced in September this year and is handled by Octopus Energy's generation arm, buys early stages of new green energy generation.

OEDP has actually until now invested in UK renewables designer Exagen to develop one of Britain's largest batteries and also in Nexta to produce 1.1 GW of green energy in Italy.

The partnership with FFNEV marks the fund's 3rd investment, with more turning up throughout Europe.

Vicente Lopez-Ibor Mayor, Chairman of FFNEV, stated: "We founded and started FFNEV in 2018 and have been busy establishing a top-notch pipeline in Iberia, driven by our successful, identified and experienced group.

" We're delighted to be improving our long-standing connection with Octopus and also have no doubt this most current support will speed up FFNEV's development in Iberia as well as abroad."