The investment arm of Octopus Energy Group, Octopus Renewables has unveiled plans to develop up to 500MW of new UK solar and storage capacity.
The announcement follows a partnership with the developer Gridsource which seeks to build and add to the grid new solar and battery storage projects in the next five years.
Partners will invest approximately £250 million into the construction of these projects which, once operational, will be managed by Gridsource.
The assets will also be added to Octopus Renewables’ 1.2GW solar portfolio.
Peter Dias, Investment Director at Octopus Renewables, commented: “UK solar and battery capacity are key assets to bolster in the move to a decentralised, green grid.”
According to RenewableUK, more than 16.1GW of battery storage capacity is operating, under construction or being planned in the UK across 729 projects.