Octopus Energy is helping to accelerate the clean power transition in Asia, launching a new fund to turbocharge low-cost, homegrown renewables – starting with a first investment in the Philippines.
The Octopus Asia Electrification Fund (OAEF) will invest in local green energy developers to help them build out large numbers of clean energy projects. It is managed by Octopus’ generation arm which has over US$11 billion renewables projects globally.
Octopus aims to catalyse US$600 million from institutional investors to get these projects built, helping cut reliance on expensive fossil fuels and protect customers from energy price shocks. The Fund is already backed by US$50 million from Japanese investors.
Working with Octali’s experienced team on-the-ground, Octopus will help develop their targeted 450 MW of solar and 350 MWh of battery storage. These projects could generate enough clean electricity to power more than 300 000 Philippine homes every year by 2030.
This comes as polluting coal still makes up more than 60% of the country’s electricity, while 98% of its oil imports are from the Middle East.
The Iran war exposed many South East Asian countries’ reliance on imported fossil fuels. With the region’s energy demand soaring, renewables could help meet this demand and boost energy security.
As well as the Philippines, the fund will target opportunities in markets including Japan, South Korea, Singapore, Indonesia, Thailand, Malaysia, and Vietnam. Alongside solar, onshore wind, and storage, it will also explore microgrids, electric vehicle charging, and other energy transition technology.
The launch is the latest step in Octopus Energy Generation's wider Asia strategy with its Singapore-based team. It already manages 2 GW of clean energy projects in development in Asia. These include deals with solar developers Yotsuya Energy in Japan and Skygreen Energy in South Korea, and offshore wind developer Deep Wind Offshore with projects in South Korea.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Asia is at the heart of the global energy transition. Demand for electricity is soaring, and countries across the region want cheaper, homegrown power so families and businesses aren't at the mercy of volatile fossil fuel prices.
“Our first investment in the Philippines is an exciting step. We’re now combining our experience in renewable energy across the region with capital to help ambitious local developers scale, bring more clean power to consumers, and help build Asia’s clean energy future.”
Reindustrialisation Minister, Blair McDougall, added: “It’s fantastic to see British companies like Octopus leading the way around the world, unlocking hundreds of millions in investment in clean energy and creating new opportunities in fast-growing markets across Asia.
“This is what our Modern Industrial Strategy is all about: British expertise and ambition going global, supporting good jobs and growth at home while helping our partners build cleaner, more secure energy and driving cutting-edge new technologies.”
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