UK-based renewable energy company Octopus Energy, through its power generation business, has announced the investment in two renewable energy developers in Ireland and Portugal.

The investment will support the two companies to build more than 100 new solar projects on rooftops and sites of businesses, to create 250MW of solar capacity.

Octopus has obtained a majority stake in Ireland’s Verde Energy, which will use the investment to develop more than 50 solar projects across the country by 2027, totalling 100MW.

Also, the British company has formed a joint venture with local entrepreneurs in Portugal, dubbed SparkWave Energy, to build more than 50 solar projects totalling 150MW, by 2027.

The investments in Ireland and Portugal have been made by the Sky fund (ORI SCsp) which is managed by Octopus Energy Generation.

Octopus Energy Generation CEO Zoisa North-Bond said: “Verde Energy and SparkWave are great partners to work with to scale this massive solar opportunity we’re seeing across many countries in Europe and beyond.

“Projects like these are making the Emerald Isle even greener and helping sunny Portugal capitalize on its amazing sunny weather.

“We’re looking forward to scaling these ventures to bring cheaper, cleaner energy harnessing the power of the sun to even more businesses.”

Octopus said that the investment in Ireland comes as it invests in one of the country’s largest solar farms, along with onshore and floating offshore wind developments.

The company entered Portugal’s clean energy market last year, by investing in renewables developer FF New Energy Ventures operating in Iberia.

Portugal has 2.6GW of solar capacity, the growth of solar outpaced other renewable sources last year, and it is expected to reach 21GW by 2030.

Furthermore, Octopus intends to finance the solar installations with zero upfront costs to the business customers who receive them.

The business customers will benefit from solar power installed at their premises and sold back to them at an affordable rate through fixed Power Purchase Agreements (PPA).

Verde Energy Group CEO Paul Martin said: “Having built this business over many years to be a leading renewables partner in the region, we knew that to capitalise on the opportunity and support our existing and new clients, having the right partner was critical.

“Octopus not only provides the funding, but most importantly complements our ethos of doing the right things in the right way. Our team are all so excited about the future and we look forward to supporting businesses in Ireland on their decarbonisation journey.”

SparkWave Energy co-founder Diego Hernando Ortega said: “The solar energy sector is developing like never before in Portugal. Recent reforms have streamlined the market and combined with Portugal’s outstanding solar resources, there is significant potential to develop numerous solar projects.”