Octopus Energy announce partnership with Italian solar and wind farm developer
Octopus Energy Generation enters Italy’s green power market by investing in renewables developer Nexta in a move to help the country wean itself off gas and lower future energy bills. Octopus Energy Development Partnership (OEDP) is creating a joint venture with Nexta Capital Partners, a Milan-based renewables developer. They’ll create 1.1GW of new onshore wind, solar farms and energy storage in the south of Italy by 2025.
This could power 1.2m homes, avoiding a potential 950,000 tonnes of carbon dioxide a year. That’s the equivalent of removing over 500,000 petrol cars and planting over 4.6m trees.
The recently launched €220 million OEDP invests in early stages of building green power. It is managed by Octopus Energy Generation, Octopus Energy Group’s generation arm.
OEDP is providing funding to Nexta who will secure land, grid connections, planning permission and local community engagement to get renewable projects to the ready-to-build stage. Nexta was founded in 2015, has achieved a leading position in developing renewable energy projects in Italy, and now has a 30 person team.
Italy depends on Russia for around 25% of its imported gas and the Government has made clear its plans to reduce reliance further by building more renewables*. In the past year, regulations have been passed to unblock bottlenecks in permitting renewable projects and speed up green energy deployment in Italy.
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