Octopus Energy Group has pledged £4 billion to expand its wind and solar assets to power 2.5 million homes globally over the next decade.
The move follows the launch of its Fan Club tariff earlier this year and will initially focus on onshore wind before extending into solar energy.
Of the £4 billion announced on Monday (8 November), £10 million has already been committed to expanding its Fan Club tariff and building six more onshore wind turbines in the UK.
Octopus would not give an exact figure but told Utility Week that a “significant amount” of the £4 billion will be invested in the UK by 2030. It said half of the 2.5 million homes covered by the initiative are likely to be UK-based customers.
The solar element will work as the Fan Club tariff currently does, connecting customers to local solar farms and supplying them with the power generated.
The initiative, named ‘Fan Club – The Collective’, is part of the group’s wider plan to invest £20 billion in 18GW of clean energy generation by 2027 – enough to power 10 million homes.
It will be managed Octopus Energy Generation whose chief executive, Zoisa North-Bond, said: “We are pledging to create a whopping £4 billion of people driven clean energy projects over the next decade.
“In order to do that we’ll be bringing the worlds of energy technology and institutional investment together, and opening up the opportunity for anyone who wishes to invest in energy projects.”
“Soon even more customers will be able to join our people-driven green energy tariffs, helping out their pockets and the planet,” she added.