Octopus Energy has acquired Spanish energy startup Umeme in its first foray into the Spanish energy sector.

Octopus Energy Spain will provide renewable electricity amongst other services. It is targeting a million Spanish energy accounts in its brand, powered by its technology platform Kraken by 2027, helping to achieve the business’s global target of 100 million accounts in the same time frame.

It is the first time Octopus is able to combine its renewable generation and supply businesses outside of the UK. The business is already managing renewable generation projects in Spain through its recently established power production arm.

Spain is a leader in green energy generation, with renewables accounting for nearly half (44 per cent) of all electricity in Spain in 2020. The country also the prices of Power Purchase Agreements (PPA) drop by more than any other European country this year, as the share of renewable electricity generation is growing due to an increase in projects being built. A base in Valencia will now serve as a launchpad for Octopus across the Mediterranean. Octopus Energy Group now has retail, generation or tech licences in 11 countries on four continents.

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