Octopus Energy’s generation arm announces the launch of a new joint venture (JV) with Nexta Capital Partners to charge up Italy’s battery storage market. The new JV with Nexta will develop up to 1.5 GW of commercial-scale battery storage systems across several projects largely in the south of the country. Once operational, the projects are estimated to be capable of storing and releasing back into the grid enough electricity to power up to a million homes a day.
The latest investment was made by Octopus Energy Development Partnership (OEDP), a fund managed by Octopus Energy Generation that backs developers creating new green power in Europe, helping to lower energy bills for consumers in future. The deal builds on OEDP’s existing partnership with Nexta to develop wind and solar farms in Italy.
In November 2023, Octopus Energy’s generation arm invested in the Walney Extension offshore wind farm in the UK. It is located in the Irish Sea off the coast of Barrow-in-Furness in the north west of England. Octopus has taken a 12.5 per cent stake in the 660 MW wind farm. The wind farm is made up of 87 turbines.
