Octopus Renewables continues expansion with three new electricity deals in Scotland, Sweden and Finland
Octopus Renewables (Octopus) has boosted its coverage with three new electricity supply deals in Scotland, Sweden and Finland.
The renewable investment arm of Octopus Energy Group has signed three corporate and utility power purchase agreements (PPAs) in November and December 2021 for businesses spanning retail energy, building materials and even baby wipes.
The agreements will see wind farms in Scotland, Sweden and Finland, and provide over 3,000 gigawatt hours (GWh) of energy to corporate clients Kimberly-Clark, Owens Corning and Eesti Energia.
Kimberly-Clark and Owens Corning and will harness PPAs to decarbonise European production, while Eesti Energia will use the deal to switch more consumers onto green energy tariffs.
Kimberly-Clark is the parent company of household brands such as Andrex, Kleenex and Huggies.
The company will be matched with the Cumberhead onshore wind farm in South Lanarkshire in Scotland, using 160 GWh energy to power three of its manufacturing sites and two distribution centres in the UK.
The deal means Kimberly-Clark will reduce its emissions by around 55,000 metric tons of carbon dioxide per year – the equivalent of taking about 40,000 passenger vehicles off the road every year.
Owens Corning, a global building and construction materials leader, has signed a deal with Octopus Renewables to take energy from its Ljungbyholm wind farm in southern Sweden
It will be offtaking 1,500 GWh of renewable energy to help decarbonise its European operations and reach its sustainability targets.
Eesti Energia is a leading energy company in the Baltic region, and its deal with Octopus Renewables will take energy from its Finnish wind farm to directly supply 425,000 Estonian customers with clean power.
The five-year deal will supply 1,400 GWh of energy to Eesti Energia, and is one of the largest PPA deals signed in the Baltics.
It will allow Eesti Energia to provide its customers with more clean energy, speeding up the green energy transition in Estonia.
Zoisa North-Bond, chief executive of Octopus Energy Generation, said: “To really clean up grids across the world, we need large energy users to commit to green energy and sign more PPAs like this to cover their production and provide more clean energy to their end customer. Eesti Energia, Kimberly-Clark and Owens Corning are ahead of the curve on making the switch, and we’re excited to start working with them.”
Octopus Renewables manages more than 300 solar, onshore wind and biomass projects worth over £3.4bn.
In July 2021 the company joined the Octopus Energy Group, bringing the supply and the generation side of energy together under one roof.
The energy giant recently expanded its business operations into Italy and India, while its infrastructure arm previously entered the Finnish market to snap up a series of wind farms.
The firm’s chief executive has also warned it remains uncertain how much the energy price cap will have to rise in the UK next April, with the government still looking for a way protect consumers from soaring energy bills.