Octopus Energy has entered the Asian renewables market with an investment in Yotsuya Capital, a Tokyo-based solar developer.

The deal is expected to enable Yotsuya Capital to develop 250MW of new solar farms in Japan over the next five years, with the energy generated enough to power nearly 100,000 homes, avoiding 140,000 tonnes of carbon dioxide.

Japan is aiming to double its renewable energy to 38% by 2030 as part of its plan to reach net zero by 2050.

The investment comes at a crucial time, as British Government officials are due to visit Japan this month, the first senior UK visit since the UK joined countries, including Japan, in the Comprehensive and Progressive Trans Pacific Partnership.

Zoisa North-Bond, Chief Executive Officer of Octopus Energy Generation, said this is only the beginning and that they have big plans to invest in and build more green power across Asia.

Meanwhile, Toshiaki Isoi, Chief Executive Officer and Representative Member of Yotsuya Capital, said that the funding from Octopus Energy is transformational for them, allowing them to accelerate growth and make a positive impact on the local community.