Octopus Energy sparks COP31 dealmaking with new Asian fund

One of Britain's most valuable private companies is extending its global tentacles further into Asia by launching a renewables fund to coincide with the COP31 climate summit. <p>Sky News understands that Octopus Energy will announce on Tuesday that its Octopus Asia Electrification Fund has struck its first deal in the Philippines.</p><p>The new vehicle, which will be managed by Octopus Energy's generation arm, is designed to support local green energy developers.</p><p>It intends to raise $600m (£448m) from institutional investors, with $50m (£37.3m) having been committed by unnamed Japanese backers.</p><p><strong><a href="https://news.sky.com/story/money-personal-finance-consumer-pension-mortgage-inheritance-tax-live-latest-13040934" target="_self">Money blog - follow live</a></strong></p><p>Sources said its launch would be announced on Tuesday amid this week's COP31 event in Antalya, Turkey.</p><p>The Asian fund reflects the broader objectives of Octopus Energy, whose founder, Greg Jackson, has become one of Britain's most prominent entrepreneurs and a vocal backer of renewables investment.</p><p>Through its acquisition of rival Bulb and effective marketing, it has become Britain's biggest domestic energy supplier by some measures.</p><p>The launch of its new Asia fund, however, also comes at a time when countries including Britain have begun removing some green levies from customer bills as part of efforts to bring down the cost of living amid ongoing oil price volatility.</p><widget id="2"></widget><p>The summit in Turkey is taking place against a backdrop of growing climate scepticism as governments grapple with domestic political pressures to loosen net zero targets.</p><p>Octopus Energy argues that developing cleaner energy infrastructure will help insulate consumers from energy price shocks.</p><p>The Asian fund's first investment is in Octali Energy Development, a Manila-based solar and storage developer.</p> <widget id="4"></widget><p>"Asia is at the heart of the global energy transition," Zoisa North-Bond, chief executive of Octopus Energy Generation, said.</p><p>"Demand for electricity is soaring, and countries across the region want cheaper, homegrown power so families and businesses aren't at the mercy of volatile fossil fuel prices."</p><p><strong>More from Sky News:<br /><a href="https://news.sky.com/story/gunman-suspected-of-killing-six-people-in-polish-city-of-krakow-has-died-police-say-13608464" target="_self">Gunman who killed six dies</a><br /><a href="https://news.sky.com/story/weather-warning-issued-for-parts-of-uk-amid-perfect-recipe-for-fog-13609717" target="_self">Drivers warned of heavy fog</a></strong></p> <widget id="3"></widget><p>Octopus said in a statement that Octali's projects could generate enough clean electricity to power more than 300,000 Philippine homes by 2030.</p><p>Coal still comprises more than 60% of the country's electricity, while 98% of the Philippines' oil imports are from the Middle East.</p><p>Octopus's new Asia fund will also target opportunities in countries including Japan, South Korea and Taiwan, with investments in microgrids, electric vehicle charging and other energy transition technology within its mandate.</p>