Energy supplier Octopus Energy has today unveiled plans to acquire Octopus Renewables, a deal that will see the company add £3.4 billion worth of green energy projects to its portfolio.

Starting from June, Octopus Energy Group said it will manage Octopus Renewables’ European portfolio under its new business arm, Octopus Energy Generation.

More than 300 clean energy projects in six countries with a combined capacity of 2.8GW make up its portfolio.

These assets last year generated enough energy to power more than 1.2 million homes, the company said.

By 2027, Octopus Energy has set a target to generate enough energy to power more than 50 million homes.

Greg Jackson, Chief Executive Officer and founder of Octopus Energy Group, said: “We are absolutely thrilled to join forces with Octopus Renewables, bringing the supply and the generation side of energy together under one roof.

“This move will allow us to create a business that is unrivalled on the global stage; by combining our tech and consumer-led approach with the fund management expertise of Octopus Renewables, we can change the entire energy lifecycle, make every green electron matter and deliver the green energy transition faster and cheaper for everyone.”