Octopus Energy Group is aiming to raise £4 billion to fund a global expansion of its ‘Fan Club’ tariff model and support gigawatts of associated renewable energy projects through 2030.
The model allows communities close to renewable assets to benefit from cheaper rates when they're generating, with the Fan Club tariff - which launched in January - offering communities near two wind farms in Yorkshire and South Wales cheaper rates.
Octopus has now secured an investment of £10 million - which forms part of its £4 billion commitment - to expand the number of wind turbines to eight.
Alongside the expansion of the initial Fan Club tariff, Octopus is launching Fan Club- The Collective, which will also initially focus on onshore wind before expanding to solar energy. These solar projects will connect customers to local solar farms with the intention of allowing them to benefit from cheaper green power when the solar is generating.
Octopus is aiming to supply around 2.5 million households with green power by 2030 through Fan Club- The Collective, which forms part of its plans to create 18GW of clean energy generation by 2027.
Zoisa North-Bond, CEO of Octopus Energy Generation, the arm of Octopus Energy Group that will manage Fan Club - The Collective, said that in delivering on the £4 billion pledge, Octopus will be "bringing the worlds of energy technology and institutional investment together, and opening up the opportunity for anyone who wishes to invest in energy projects".
Octopus Energy Generation was launched at the same time as the Fan Club tariff, with Octopus Renewables joining the division when it was acquired by the Octopus Energy Group earlier this year.
Octopus also launched its green hydrogen arm, Octopus Hydrogen, earlier this year, forming a strategic partnership with Innova Renewables and Novus to roll out green hydrogen production across the UK.