Octopus Energy has launched the Octopus Asia Electrification Fund, which will invest in local renewable energy developers across Asia. Its first investment is in a solar and storage developer in the Philippines. The fund was announced at the COP31 UN climate summit in Antalya, Turkey, on 10 November 2026.
The fund is managed by the group’s generation arm, Octopus Energy Generation. It aims to catalyse $600m from institutional investors to build clean energy projects in the region, and is already backed by $50m from Japanese investors.
First investment in the Philippines
The fund’s first investment is in Octali Energy Development, a solar and storage developer based in Manila. The deal marks Octopus’s first move into the Philippines.
Octopus said it would work with Octali’s local team to develop the developer’s targeted 450 MW of solar and 350 MWh of battery storage. According to the company, these projects could generate enough clean electricity to power more than 300,000 Philippine homes every year by 2030.
Coal dependence and energy security
Coal still makes up more than 60% of the Philippines’ electricity, the company said, citing International Energy Agency data on coal use in the Philippines. The company also said that 98% of the country’s oil imports come from the Middle East.
Octopus said the Iran war had exposed many South East Asian countries’ reliance on imported fossil fuels. With energy demand in the region rising sharply, it argued that renewables could help meet that demand and strengthen energy security. The company referred to analysis from the World Economic Forum on Asia’s energy crisis and the International Energy Agency on Southeast Asia’s energy security challenges.
The company said the fund is intended to reduce reliance on expensive fossil fuels and protect customers from energy price shocks.
Markets and technologies targeted by the Octopus Asia Electrification Fund
Beyond the Philippines, the fund will target markets including 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 fund is an Article 9 fund as defined by the EU’s Sustainable Finance Disclosure Regulation (SFDR). The company said this means that making a positive impact is at its core.
Part of a wider Asia strategy
The launch is the latest step in Octopus Energy Generation’s Asia strategy, which is run by its Singapore-based team. The business already manages around 2 GW of clean energy projects in development in Asia.
These include deals with solar developers Yotsuya Energy in Japan and Skygreen Energy in South Korea, and with offshore wind developer Deep Wind Offshore, which has projects in South Korea. Climate Global News has previously reported on Octopus Energy’s solar investment in South Korea.
Globally, Octopus Energy Generation manages 5.7 GW of renewable energy projects in 21 countries, worth £8.5bn ($11.4bn), according to the company. Climate Global News has also covered how the business reached £8.5bn in renewables assets.
Company and government comment
Zoisa North-Bond, chief executive of Octopus Energy Generation, said: “Asia is at the heart of the global energy transition. Demand for electricity is soaring, and countries across the region want cheaper, homegrown power so families and businesses aren’t at the mercy of volatile fossil fuel prices.
“Our first investment in the Philippines is an exciting step. We’re now combining our experience in renewable energy across the region with capital to help ambitious local developers scale, bring more clean power to consumers, and help build Asia’s clean energy future.”
Reindustrialisation Minister Blair McDougall said: “It’s fantastic to see British companies like Octopus leading the way around the world, unlocking hundreds of millions in investment in clean energy and creating new opportunities in fast-growing markets across Asia.
“This is what our Modern Industrial Strategy is all about: British expertise and ambition going global, supporting good jobs and growth at home while helping our partners build cleaner, more secure energy and driving cutting-edge new technologies.”
Frequently asked questions
What is the Octopus Asia Electrification Fund?
It is a fund launched by Octopus Energy and managed by Octopus Energy Generation that invests in local green energy developers in Asia to help them build clean energy projects. It aims to catalyse $600m from institutional investors.
Where is the Octopus Asia Electrification Fund’s first investment?
Its first investment is in Octali Energy Development, a solar and storage developer based in Manila. It is Octopus’s first move into the Philippines.
How many homes could Octali’s projects power?
Octali is targeting 450 MW of solar and 350 MWh of battery storage. Octopus says these projects could power more than 300,000 Philippine homes every year by 2030.
Which countries will the Octopus Asia fund target?
As well as the Philippines, the fund will target markets including Japan, South Korea, Singapore, Indonesia, Thailand, Malaysia and Vietnam.
Who has invested in the Octopus Asia Electrification Fund so far?
The fund is already backed by $50m from Japanese investors.
