Octopus Energy Generation, the renewables investment arm of UK-based Octopus Energy, has announced a new solar venture in South Korea as part of its expanding footprint in Asia’s clean energy market. The company has partnered with local developer Skygreen Energy to build up to 20 small- to medium-scale solar farms over the next two years.
The planned installations will collectively generate 140 megawatts (MW) of clean electricity—enough to power approximately 45,000 homes annually. Skygreen Energy, backed by a team of local experts, aims to expand this capacity to 500 MW and is also exploring diversification into energy storage and onshore wind technologies.
Initially targeting the mid-western regions of South Korea, Skygreen intends to supply the solar-generated power to companies in the technology, manufacturing, and heavy industry sectors, helping them reduce carbon emissions in line with the country’s climate targets.
South Korea currently derives around 30% of its electricity from coal, but has committed to tripling the share of renewables in its energy mix from 10% to 33% by 2038. The partnership marks Octopus Energy’s latest move in support of this transition, following earlier investments in Japanese solar developer Yotsuya Energy and offshore wind firm Deep Wind Offshore, which also has projects in South Korea.
The latest investment, made through Octopus’s Sky fund (ORI SCSp), reflects the group’s growing commitment to accelerating renewable energy adoption in Asia.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “After our first steps into investing in Asian renewables in Japan, we’re now switching on our latest venture in South Korea. With a huge appetite for clean power and a heavy reliance on fossil fuels, there’s vast potential to make a real impact.”
Jae Choi, CEO of Skygreen Energy, added: “South Korea’s renewable energy sector holds immense potential to address the urgent challenges of climate change while also enhancing energy independence, job creation and technological progress.”
Octopus Energy entered the Japanese market in 2022 through a joint venture with Tokyo Gas and now supplies green energy to 370,000 customers across the country.
