Octopus Energy has launched the Octopus Asia Electrification Fund to drive investments into local green energy developers in Asia.
The announcement at the ongoing UN climate summit in Turkiye seeks to catalyse $600 million for renewable energy developments in markets including Japan, South Korea, Singapore, Indonesia, Thailand, Malaysia, and Vietnam.
Potential projects could include solar, onshore wind and storage, as well as microgrids and electric vehicle charging.
The fund has received $50 million in commitments from Japanese investors, the firm said.
It has already backed a Philippine-based solar development company, Octali Energy Development, a company that was launched about two months ago and is developing 450 MW of solar power and 350 MWh of battery energy storage.
The fund forms part of the broader Asia strategy of Octopus Energy Generation, the specialist renewable energy investor that is a unit of Octopus Energy, which is itself backed by the investment management firm Octopus Group.
Octopus Energy Generation has a Singapore-based team that already manages 2GW of clean energy projects in development in Asia, including with solar developers Yotsuya Energy in Japan, and Skygreen Energy and Deep Wind Offshore in South Korea.
The company manages 5.7GW of green energy projects across 21 countries, worth about $11.4 billion, according to a statement.
