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Octopus Energy, RES to invest in UK green hydrogen economy

A solar plant in the United Kingdom.
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Octopus Energy and RES have revealed plans to jointly invest GBP 3 billion (US$4.1 billion) to build green hydrogen plants across Britain, powered by solar PV and wind capacity. 

The two companies plan to operate the facilities with renewable energy, in order “to accelerate the decarbonization of industrial businesses … The aim of the partnership is to make the most of green electrons when they are generated in abundance on sunny and windy days by storing them as green hydrogen, helping the U.K. become more energy independent.”

The U.K. government unveiled a new national hydrogen strategy in August. RES and Octopus Energy said their planned investments are a direct response to the new strategy.

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“We know that renewable-based electrification using wind and solar is the fastest way to decarbonize,” said Rachel Ruffle, EMEA CEO for RES. “When coupled with the production of green hydrogen, it becomes the natural choice for industry and our hard-to-abate sectors. Our partnership will enable industrial users to make the switch to reliable and cost-effective green hydrogen.”

Octopus Renewables claims to manage more than 300 solar PV, onshore wind, and biomass projects, collectively valued at more than GBP 3.4 billion. Earlier this week, it revealed that it had secured a new GBP 150 million corporate pension mandate from an undisclosed U.K. institutional investor to invest in renewable energy infrastructure.

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Source: pv magazine