Octopus Energy invests $1 billion in California clean technology

Octopus Energy will acquire a solar and storage project in California that is expected to be operational by July as part of its investment. The UK-based company, active across major markets in Europe, Australia, China and the United States, says California’s clean technology sector will “bring innovation, growth and returns to the UK.”

February 19, 2026 Blathnaid O'Dea

Image: Octopus Energy

From pv magazine Global

UK-based Octopus Energy Generation is investing nearly $1 billion in clean technology innovation concentrated in California’s Bay Area.

The investment is part of London-headquartered Octopus’s strategy to grow its United States operation and ensure its well-established UK business can benefit from the newest Californian renewable energy technologies. Octopus intends to deploy $2 billion in the U.S. energy transition by 2030.

As part of its investment, Octopus will acquire a solar and battery project in California, which is expected to become fully operational by July. It will also invest in heat battery innovation to target industries that are hard to electrify, as well as two Californian carbon removal companies.

Zoisa North-Bond, CEO at Octopus Energy Generation, said the investment would build on the company’s previous United States deals, including investments in solar farms in Ohio and Pennsylvania. Octopus also has an established residential battery program in Texas.

“Octopus and California are both leading the way in clean energy innovation,” said the executive. “With supportive policy and world-class entrepreneurship in and around Silicon Valley, it’s an ideal place to back long-term investment partnerships that will benefit the UK economy. We’re excited to expand Octopus internationally, backing the booming United States clean tech sector while bringing innovation, growth and returns to the UK.”

The investment announcement was made by Octopus Energy Generation, a trading name that comprises Octopus Renewables Ltd and other subsidiaries of Octopus Energy Group. Octopus Energy is one of the UK’s largest utilities, offering smart energy tariffs and electric vehicle leasing and heat pump schemes.

Through its investment arm, meanwhile, it manages 4.9 GW of green energy projects in 21 countries, worth more than $8 billion. In July 2025, UK workplace pension provider Smart Pension invested $440 million in two funds managed by Octopus, which were expected to help finance several UK clean energy projects.

In January 2026, Octopus announced it had partnered with China’s PCG Power to create a new joint venture focused on the Chinese market.

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