RES and Octopus Energy agree $4.1 billion deal to build hydrogen plants

RES and Octopus Energy agree $4.1 billion deal to build hydrogen plants

RES and Octopus Energy agree $4.1 billion deal to build hydrogen plants 150 150 Energy Storage Journal

October 14, 2021: RES, which claims to be the world’s largest independent renewable energy company, will boost the UK’s green hydrogen capacity in a partnership with Octopus Energy’s Octopus Renewables division to spend £3 billion ($4.1 billion) on new plants across the UK, the firms confirmed today.

Details were scant, but the firms said the hydrogen they produce will be aimed at industrial businesses ‘who want to be leaders in decarbonization’.

“The aim of the partnership is to make the most of green electrons when they are generated in abundance on sunny and windy days by storing them as green hydrogen, helping the UK become more energy independent,” the firms said, which in view of rocketing gas price rises in the country has become vital.

RES includes onshore and offshore wind, solar, transmission and distribution, and storage in its portfolio.

“RES is the largest independent renewable energy company in the world based on our total global capacity of projects,” says the company. “We’ve delivered more than 22GW of projects worldwide and also support an operational asset portfolio exceeding 7.5GW.”

Octopus Renewables, which manages more than 300 solar, onshore wind and biomass projects, was brought under Octopus Energy in July. Octopus Energy was launched in 2016 by parent firm Octopus Group.

Separately, RES said on October 13 it had sold a 50MW battery system in Scotland to renewables firm TagEnergy.

The Roaring Hill Energy Storage Project in Fife comprises batteries housed in 18 containers, which provide grid stabilization and ancillary services to the electricity network.