Octopus Renewables continues its expansion with three new electricity agreements in Scotland, Sweden and Finland
Monday 10 January 2022 at 10.25
Octopus Renewables (Octopus) has increased its coverage with three new electricity supply agreements in Scotland, Sweden and Finland.
Octopus Energy Group’s renewable investment line has signed three new power and energy (PPA) power purchase agreements in November and December 2021 for companies 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 customers Kimberly-Clark, Owens Corning and Eesti Energia.
Kimberly-Clark and Owens Corning and will use the energy purchase agreements to reduce carbon dioxide emissions in European production, while Eesti Energia will use the agreement to switch more consumers to green energy tariffs.
Kimberly-Clark is the parent company of household brands such as Andrex, Kleenex and Huggies. T
The company will be matched with the Cumberhead onshore wind farm in South Lanarkshire, Scotland, which uses 160 GWh of energy to power three of its manufacturing facilities and two distribution centers in the UK.
The deal means that Kimberly-Clark will reduce its emissions by about 55,000 tonnes of carbon dioxide per year – equivalent to taking about 40,000 passenger vehicles off the road each year.
Owens Corning, a global leader in building and construction materials, has signed an agreement with Octopus Renewables to take energy from its wind farm in Ljungbyholm in southern Sweden.
It will use 1,500 GWh of renewable energy to help reduce CO2 emissions in its European operations and achieve its sustainability goals.
Eesti Energia is a leading energy company in the Baltic Sea region, and the agreement with Octopus Renewables will take energy from its Finnish wind farm to directly supply 425,000 Estonian customers with clean power.
The five-year agreement will supply 1,400 GWh of energy to Eesti Energia and is one of the largest PPA agreements signed in the Baltics.
This will enable Eesti Energia to provide its customers with more clean energy, which will accelerate the green energy transition in Estonia.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “To really clean up networks around the world, we need large energy users to commit to green energy and sign more energy purchase agreements like this to cover their production and provide more clean energy to Eesti Energia, Kimberly-Clark and Owens Corning are ahead of the curve when it comes to switching, and we’re excited to start working with them. ”
Octopus Renewables handles more than 300 solar, land-based wind and biomass projects worth over £ 3.4 billion.
In July 2021, the company joined the Octopus Energy Group, and brought together the energy supply and production side under one roof.
The energy giant recently expanded its business operations to Italy and India, while its infrastructure arm previously entered the Finnish market to take on a number of wind farms.
The company’s chief executive has also warned that it is still uncertain how much energy prices will need to rise in the UK next April, with the government still looking for a way to protect consumers from sky-high energy bills.