Octopus Energy Group‘s “Octopus Renewables“, the largest independent owner of onshore wind and solar assets in the UK and one of the largest owners and managers of renewable energy assets in Europe, and RES, a renewable energy company, have decided to co-invest $4.1 billion in renewable hydrogen energy projects across the UK in the next 10 years.
Octopus Renewables is a company that manages more than 300 solar, biomass, and onshore wind projects worth over $4 billion. The company RES has delivered 22 GW of generation capacity globally. This company supports an operational asset portfolio of over 7.5 GW. It also proudly announced recently that the company secured over 1.5 GW of power purchase agreements.
The major aim is to build hydrogen power plants, powered by wind and solar plants, which will definitely enable industrial hydrogen to make a switch to green supply at no extra overhead costs. This will also help companies in meeting UK’s net-zero targets. Also, the prices of rising fossil fuels available in the market will also be controlled. The companies also said that they may look into possibilities of storing surplus renewable power generation as hydrogen.
