UK-based renewable energy company Octopus Energy Generation announced today the launch of the Octopus Asia Electrification Fund (OAEF), a new fund targeting investments in local green energy developers to help them build out large numbers of clean energy projects across Asia.
Announced at COP31 in Antalya, Turkey, the new fund aims to catalyze $600 million from institutional investors and has already secured $50 million in backing from Japanese investors, the company said. The new fund is classified as Article 9 under the EU’s SFDR regulation.
According to Octopus, the fund’s first investment is in Manila-based solar and storage developer Octali Energy Development, marking the company’s first move into the Philippines.
Octopus said that it will work with Octali to develop a targeted 450 MW of solar capacity and 350 MWh of battery storage, with the projects expected to generate enough electricity to power more than 300,000 homes annually by 2030. The investment comes as coal makes up more than 60% of electricity generation in the Philippines, while 98% of the country’s oil imports originate from the Middle East.
The company said that in addition to the Philippines, OAEF will target investments in Japan, South Korea, Singapore, Indonesia, Thailand, Malaysia and Vietnam. The fund will focus on solar, onshore wind and energy storage, while also exploring opportunities in microgrids, electric vehicle charging and other energy transition technologies.
The launch forms part of Octopus Energy Generation’s wider Asia strategy, with the company already managing 2 GW of clean energy projects under development in the region.
Zoisa North-Bond, CEO of Octopus Energy Generation, said:
“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.”
