Octopus Energy has launched a new investment fund to support the development of renewable energy projects in Asia, with its first investment in a solar and battery storage developer in the Philippines. The Octopus Asia Electrification Fund (OAEF), managed by Octopus Energy’s generation arm, will invest in local renewable energy developers to support the development of clean energy projects.
The fund aims to attract USD 600 million from institutional investors and has secured an initial USD 50 million commitment from Japanese investors. Its first investment is in Manila-based Octali Energy Development, a solar and storage developer. The investment will support the company's plans to develop 450 MW of solar capacity and 350 MWh of battery storage. In addition to the Philippines, the fund will target opportunities in Japan, South Korea, Singapore, Indonesia, Thailand, Malaysia and Vietnam. Its investment scope includes solar, onshore wind and energy storage, as well as microgrids, electric vehicle charging and other energy transition technologies.
