Octopus aims to mobilize $600 million for Asian renewables
Octopus Energy launched a $600 million fund to finance Asian renewables, with $50 million from unnamed Japanese investors, targeting solar, wind and storage projects across eight countries.
UK-based Octopus Energy Generation unveiled the Octopus Asia Electrification Fund on November 10 at COP31 in Antalya, Turkey, aiming to raise $600 million from institutional investors for clean energy projects in Asia. The fund is backed by $50 million from Japanese investors, though their identities were not disclosed. Octopus did not specify the fund’s structure or a target closing date, focusing instead on its investment strategy and regional priorities.
The fund’s first investment is in Octali Energy Development, a Manila-based solar and storage developer, with plans to support 450 MW of solar and 350 MWh of battery storage. This capacity could supply over 300,000 Philippine homes annually by 2030, though Octopus did not disclose the investment size, its stake in Octali, or project locations. The move marks Octopus’s first entry into the Philippines, where coal still accounts for more than 60% of electricity generation.
Beyond the Philippines, the fund will target Japan, South Korea, Singapore, Indonesia, Thailand, Malaysia and Vietnam, investing in solar, onshore wind, storage, microgrids and EV charging infrastructure. Octopus Energy Generation already manages 2 GW of clean energy projects in development across Asia, including investments in solar developers Yotsuya Energy in Japan and Skygreen Energy in South Korea.
In May 2023, Octopus announced plans to invest GBP 1.5 billion ($1.98 billion) in Asia-Pacific renewables by 2027. The Philippines has seen growth in large-scale solar-plus-storage, with Meralco PowerGen’s MTerra Solar project advancing and the country’s fourth green energy auction awarding 9.4 GW in September 2025, short of its 10.6 GW target.