Octopus Energy’s generation arm electrifies Italy’s solar sector with a new investment to generate more clean, cheap power.
Octopus is investing in rooftop solar developer Coralsun, a newly set up business by local entrepreneurs, to help rapidly scale this technology in Italy.
Coralsun is set to create 150 MW of new solar projects in the next five years, with an initial focus on the north of Italy.
They’re targeting hundreds of energy-hungry commercial and industrial SMEs, such as logistics hubs, manufacturers and warehouses, enabling them to soak up the sunshine and turn it into savings.
The installations will be free for the companies taking part. Businesses will be able to lock in fixed prices for the solar energy over the long-term, allowing them to say goodbye to fluctuating energy bills.
Thanks to Italy’s streamlined permitting process for smaller distributed energy sources like these, the projects will be able to quickly connect to the grid.
It comes as Italy targets 65% of its electricity to come from renewable sources by 2030.
Octopus made this investment on behalf of the Sky (ORI SCsp) funds it manages.
Octopus has invested in several new wind, solar and battery storage projects across Italy over recent years, planning to invest €1bn in Italian renewables by 2030.
This is also the latest in a string of global deals Octopus has made in recent years to roll-out rooftop solar development, including in the US, Ireland, UK, Portugal and France.
Alex Brierley, Co-Head of Octopus Energy Generation, said: “Businesses in sun-soaked Italy are sitting on a golden opportunity to harness what’s one of the cheapest energy resources – solar power. With electricity costs skyrocketing for businesses in Italy over the past few years, tapping into abundant solar resources will help cut costs for companies. This deal is a step towards us accelerating Italy’s green energy transition.”
Antonio Vallardi, Co-Founder of Coralsun, said: “We’re ready to help Italian commercial and industrial companies on their energy transition. The Italian solar market has developed significantly in recent years – and global events impacting energy costs have prompted companies to seek sustainable solutions, which solar power can provide. We proudly support Octopus’ mission to make renewable energy accessible to everyone – and our shared core values make Octopus the perfect partner to scale solar for businesses in Italy.”
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