British energy firm launches investment fund to power alternative energy projects in Asia
Octopus Energy unveils its new Asia Electrification Fund at the COP31 UN climate summit in Turkey.
The Philippines is the destination of the first investment, with solar and battery projects that could power more than 300,000 homes by 2030
© Kim David/shutterstockWith backing already of US$50mln from Japanese investors, the first investment is in the Philippines, with solar and battery projects that could power more than 300,000 homes by 2030.
Octopus aims to catalyse US$600mln in total from institutional investors to get projects built.
As well as the Philippines, the fund will target opportunities in Japan, South Korea, Singapore, Indonesia, Thailand, Malaysia and Vietnam.
Alongside solar, onshore wind and storage, it will also explore microgrids, electric vehicle charging and other energy transition technology.
The news comes as the International Energy Agency (IEA) reports that renewable capacity increases in emerging and developing economies outside China are matching that in advanced economies for the first time as the Hormuz crisis sharpens focus on domestic energy sources.
The report finds that India is emerging as the world’s second-largest growth market, with its total renewable capacity set to more than double by 2031.
Growth is also increasing across Southeast Asia, the Middle East and North Africa, and sub-Saharan Africa. Across these regions, the amount of renewable capacity added in the 2026-2031 period is forecast to almost triple compared with the previous six-year period.
Solar PV is set to account for more than three-quarters of global renewable capacity growth to 2031, followed by onshore wind, according to the IEA’s latest report.
