Octopus Energy to invest €1 billion in French renewable energy market

Octopus Energy, a UK-based energy retailer, intends to invest $1.07 billion over the following two years in France’s clean energy market. The investment was announced at the 36th Franco-British Summit in Paris, which was led by the UK Prime Minister and French President. The investment will help generate enough clean energy to power 300,000 households.

In addition to the investment, Octopus Energy intends to use its subsidiary Kraken to establish an European IT hub in Paris. The tech hub is anticipated to assist “millions” of customers throughout the continent while generating jobs in the green energy sector in the region. Octopus Energy entered the French energy market by acquiring Plüm énergie in 2022. Since then, the company has set a goal of having one million customers in France by 2026.

In February 2023, Octopus Energy increased its shareholding in the 270 MW Lincs offshore wind farm off the east coast of England. The fund management group of Octopus Energy Generation expanded its share in the project from 23.25 to 31.5 per cent by purchasing an additional 7.75 per cent of the 270 MW offshore facility.