The investment comes as South Korea sets its sights on tripling its renewable energy share to 33% by 2038
London, April 16, 2025 – Octopus Energy Generation, the renewables arm of Octopus Energy, is accelerating Asia’s clean energy shift with a major solar investment in South Korea. The goal: significantly ramp up the country’s solar output.
Octopus is backing a highly skilled local team – Skygreen Energy – to develop 20 small-to-medium-scale solar farms over the next two years. Once operational, the installations will deliver 140 MW of clean electricity, enough to power approximately 45,000 homes annually.
Skygreen ultimately aims to scale its solar production to 500 MW and is exploring expansion into other clean technologies, including battery storage systems and onshore wind projects.
With an initial focus on western regions of South Korea, Skygreen will supply the solar power to companies in tech, manufacturing, and heavy industry, supporting their decarbonization goals.
Currently, South Korea generates about 30% of its electricity from high-carbon coal. However, the nation has set an ambitious target to increase its renewable share from 10% to 33% by 2038* – a shift that presents significant opportunities for the domestic solar industry.
This agreement builds on Octopus’s growing presence in Asia, including its investment in Deep Wind Offshore, an offshore wind developer with multiple South Korean projects underway, and its backing of Japanese solar firm Yotsuya Energy.
The deal was completed on behalf of the Sky fund (ORI SCSp), managed by Octopus Energy Generation.
Zoisa North-Bond, CEO of Octopus Energy Generation, commented:
“Following our first steps into renewables investment in Asia through Japan, we’re proud to now support the South Korean market. The country’s strong reliance on fossil fuels means clean energy is urgently needed, and we believe we can make a real impact. We’re excited to partner with Skygreen to bring more solar power to homes and businesses, helping create a greener and more affordable future for all.”
Jae Choi, CEO of Skygreen Energy, added:
“I’m honored to lead Skygreen into a new era of sustainable growth alongside Octopus Energy Generation, a globally respected and innovative investor. South Korea’s renewable sector has immense potential to tackle climate challenges while boosting energy independence, job creation, and tech innovation. We’ll work closely with all partners to build a cleaner and more sustainable world for future generations.”
Pranab Kumar Sarmah, founder of Skygreen Energy and GreenAge Capital, stated:
“We thank Octopus Energy Generation for placing their trust in our expertise during the early development and optimization of renewable energy projects across Asia. We remain fully committed to helping South Korea meet its energy goals and to advancing the country’s socio-economic development.”
Octopus Energy entered the Japanese market in 2022 through a joint venture with Tokyo Gas, delivering green energy to households. In just three years, the company has grown rapidly and now supplies electricity to about 370,000 customers in Japan.
