Octopus Energy plans 1.1 GW Italian renewables rollout

• JV with neighborhood designer Nexta will certainly create onshore wind, solar and also storage in the south of the country

Octopus Energy Generation has returned to the Italian market by producing a JV with renewables developer Nexta to create 1100MW of new onshore wind, solar farms as well as energy storage in the south of the nation by 2025.

The just recently released EUR220m Octopus Energy Development Partnership (OEDP) invests in onset of structure green power.

OEDP is offering funding to Nexta who will certainly secure land, grid connections, planning consent and neighborhood community involvement to get renewable projects to the ready-to-build phase.

Nexta was founded in 2015, has actually attained a leading setting in creating renewable energy projects in Italy, and currently has a 30-person team.

Italy depends upon Russia for around 25% of its imported gas and also the Government has actually made clear its plans to reduce reliance better by building more renewables.

In the past year, regulations have actually been passed to unblock bottlenecks in permitting renewable projects as well as quicken green energy release in Italy.

Octopus Energy Generation president Zoisa North-Bond stated: "Building extra new green energy will certainly help reduce reliance on imported fossil fuels as well as drive down energy bills.

" Onshore wind as well as solar are a few of the most inexpensive kinds of energy - and also Italy can create it exactly on their soil.

" To prevent a repeat of the energy crisis, it's crucial we turbocharge the production of new renewable energy and change to a reduced carbon energy system."

Fabrizio Caputo, co-founder and also managing supervisor of Nexta included: "The partnership with Octopus stands for an additional action towards the debt consolidation of our growth goals within the renewable energy sector.

" We intend to play a leading role with Octopus in the energy transition procedure."

Giorgio Tomassetti, Chief Executive Officer of Octopus Energy Italy, said: "After launching the Octopus Energy brand in Italy this year, we're really increasing in the nation. Making energy more affordable and greener for individuals in Italy has always been the objective, and also rising energy bills have actually added much more urgency to this. Structure more green energy will certainly aid us leave this crisis."

Octopus Energy Generation formerly invested in the Italian renewables market in 2017 to build 173MW of solar farms in Lazio and Sardinia, offered in February 2021.

Re-entering Italy's green energy generation market marks the latest step in Octopus' strategy in Italy.

It comes as Octopus remains to expand the group locally, including working with a new committed nation result in aid quickly scale renewable projects in Italy.

Octopus Energy Italy introduced its energy vendor brand in Italy in June 2022 after getting SATO Luce e Gas in November 2021, and provides consumers 100% green energy tariffs.