Octopus sees major win from CPTPP trade agreement

Octopus has been busy of late and has now added to its global expansion plans with a commitment to invest £1.5bn in the Asia-Pacific energy market by 2027.

The group is planning to invest £1.2bn into solar and wind generation in the region, with half of the money going into Japanese renewables and is committing a further £300m to expand its technology innovation and energy retail hub in Tokyo.

The move builds on Octopus’ already successful partnership with Japanese energy giant Tokyo Gas, which saw the two companies launch a joint venture in 2021. With almost 200,000 retail customers, Japan is now Octopus’ second largest market after the UK.

Octopus’ generation team will further leverage this strategic partnership to raise £400m from Asia-Pacific investors over the next five years to build more UK wind and solar farms whilst bringing vital energy expertise to Europe and strengthening supply chains.

The investment comes as Japan works to shift towards a clean energy future - propelled by the recent G7 ministers’ agreement to speed up renewable energy development - collectively pledging to increase offshore wind capacity by 150 GW by 2030 and solar capacity to more than 1 TW.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade agreement has played a vital role in facilitating Octopus’ expansion, providing UK companies with increased protection and opportunities in member states.

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