Octopus Energy Generation has announced investing an undisclosed amount in renewables developer Nexta with an aim to develop 1.1GW of green energy in Italy by 2025.

The investment marks the entry of the European renewables investor into the Italian market.

A joint venture will be formed by Octopus Energy Development Partnership (OEDP) and Milan-based Nexta Capital Partners to develop new onshore wind, solar farms, and energy storage facilities in the south of Italy.

Managed by Octopus Energy Generation, OEDP is a €220 million fund that invests in the early stages of building green power.

The 1.1GW renewable energy capacity to be developed by the new joint venture will be sufficient to power 1.2 million homes and help in offsetting a potential 950,000 tonnes of carbon dioxide annually.

Zoisa North-Bond — Octopus Energy Generation CEO said: “Building more new green energy will help reduce reliance on imported fossil fuels and drive down energy bills. Onshore wind and solar are some of the cheapest forms of energy – and Italy can generate it right on their soil. To avoid a repeat of the energy crisis, it’s essential we turbocharge the creation of new renewable energy and shift to a low carbon energy system.”

Nexta will receive funding from OEDP to make renewable projects to the ready-to-build stage, by securing land, grid connections, planning permission, and local community engagement.

Fabrizio Caputo — Nexta co-founder and Managing Director said: “The partnership with Octopus represents a further step towards the consolidation of our growth objectives within the renewable energy industry. We aim to play a leading role with Octopus in the energy transition process.”

Octopus Energy Generation currently manages green energy assets worth £4.4bn. In 2017, it invested in the Italian renewables market to build the 173MW Lazio and Sardinia solar farms, which were sold in February 2021.

  Fabrizio Caputo, Italy, Nexta, Nexta Capital Partners, Octopus Energy Generation, renewable energy, Zoisa North-Bond