Octopus Energy has made its first investment in US renewables with the target of investing $2bn in generation projects by 2030.

Marking this push is the acquisition of two new solar farms, one in Ohio and another in Pennsylvania, the projects have a combined capacity of 100 MW, deals with floating offshore wind tech company Ocergy and nature projects startup Cultivo. Octopus now manages a global solar power portfolio of 2 GW.

Greg Jackson, founder of Octopus Energy, said: “Our first US renewables investment is a major milestone for us. Green energy isn’t just the future, it’s the most cost-effective energy source here and now. The more we build, the faster we can power up a cheaper, greener energy system for everyone.”

Octopus first set foot in the US in 2020 in Houston, Texas, with the launch of its retail energy business, closely followed by the launch of its US electric vehicles (EV) leasing arm. Since then, Octopus has brought smart tariffs to the market, including its innovative Fan Club tariff, which offers cheaper rates when the wind is blowing.

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