Octopus Energy strikes new EU deal to harness ‘huge untapped potential’ and slash bills

Prior to this investment, FFNEV already had  2.1 GW of renewable energy projects in their pipeline, and had been participating in floating offshore wind development with a target of 5GW.

Octopus noted that through their backing, FFNEV is targeting 1.6GW new solar and storage sites in these markets by 2030, which is enough to power a million homes, which is equivalent of removing nearly 520,000 petrol cars and planting over 4.6 million trees. 

In a statement, Octopus said: “Spain is one of Europe’s most active solar markets, with 15 GW of solar capacity, and huge untapped potential to meet targets to increase its renewable electricity generation to 74 percent by 2030.”

Meanwhile, Portugal has 2 GW of solar power installed, and this year they announced plans to generate 80 percent of its electricity from green energy sources by 2026, replacing gas.

Article source: https://www.express.co.uk/news/science/1713621/octopus-energy-ffnev-joins-eu-partnership-spain-solar-power-million-homes-bring-down-bills