Octopus Energy has unveiled plans to invest €1 billion (£880m) in the French green energy market, and a new European tech hub in Paris.

The investment over the next two years aims to speed up the energy transition in France and produce enough local green power for 300,000 households.

Octopus Energy’s subsidiary Kraken will establish a European tech hub in Paris, creating hundreds of clean energy jobs and supporting millions of customers across Europe.

The company, which first entered the French market in January 2022 with the acquisition of Plüm énergie, aims to reach one million customers in France by 2026.

Octopus Energy’s Chief Executive Officer and Founder Greg Jackson, announced plans at the 36th Franco-British Summit in Paris, chaired by Prime Minister Rishi Sunak and French President Emmanuel Macron.

Mr Jackson said: “Octopus operates across ten European countries and today we’re delighted to announce a huge increase in our cooperation with France.

“We’re planning to invest an extra billion euros in French generation – but we’re also going to make Paris our EU technology hub. This is testament to the mutual commitment to investing in a clean energy system, and pioneering the digitisation which will drive costs down alongside carbon.”