Octopus Energy to invest €100M in Portugal

Octopus Energy Group, a British energy supply company that provides 100% green energy to around 5 million UK homes and businesses, is to invest around €100 million in the Portuguese market in partnership with Spark Wave Energy.

In 2016, the company was a small but disruptive energy supplier. By 2022 it was providing green energy to homes in the UK, Germany, US, Japan, Spain, Italy, France, and New Zealand.
Now Spark Wave Energy, founded by two international investors operating in Portugal; Spanish investor Diego Hernando Ortega of Liberdade Capital, and Norwegian Jorgen Smeby of Simba Capital; have brought Octopus Energy Group to Portugal, which is responsible for managing several funds with €15Bn.
Octopus Energy currently manages a portfolio of renewable energy projects (solar, biomass, and wind (both offshore and land) with a capacity of over 3.2GW, representing an investment value of €7Bn.
In Portugal, the company will operate through a joint venture with Spark Wave Energy which has 51% with the other 49% being held by Ortega and Smeby who focus on bringing overseas investment to Portugal in various sectors, including energy.
The new company in Portugal will focus on developing, installing, operating, and maintaining self-consumption energy production units for companies and industries. The joint-venture plans to invest around €100 million to develop more than 50 solar and photovoltaic projects by 2027 and install around 150MW according to Diego Hernando Ortega in an interview with Negócios, adding that the first units will be up and running in the summer of 2024. “We are already working a pipeline of clients and projects”, he told the newspaper, adding that the Portuguese self-consumption market was “really attractive for investors”.