London-based clean energy company Octopus Energy on Monday announced its first investment in US renewables with the purchase of two operational solar projects with a combined capacity of 100 MW from developer-operator Vesper Energy.
The sites — the 80-MW Nestlewood Solar and 20-MW Gaucho Solar, are located in Ohio and Pennsylvania, respectively, and their output is enough to meet the annual electricity needs of 20,000 households. Vesper will remain involved as asset manager for both facilities.
The Nestlewood Solar farm spans 610 acres in Clermont and Brown County, Ohio. It has a power purchase agreement (PPA) in place with a Fortune 100 e-commerce company.
Located on 68 acres in Beaver County and Allegheny County, the Gaucho Solar project is touted as the largest solar project in Southwestern Pennsylvania. With 55,000 solar panels, it supplies clean electricity to the University of Pittsburgh.
“Our first US renewables investment is a major milestone for us. As we supercharge our renewables deals worldwide, we’re set to invest USD 2 billion (EUR 1.86bn) into the US clean tech market over the next few years,” founder Greg Jackson noted in a press statement.
Octopus entered the US market in 2020 with the launch of its retail energy business based in Houston, Texas, and shortly after established a local electric vehicles (EV) leasing arm.
For Vesper Energy, the deal with Octopus marked its second major transaction in 2024. In May, the company sold the Deer Creek solar and storage site located in Tulare County, California.
(USD 1 = EUR 0.933)
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