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.

Sky News understands that Octopus Energy will announce on Tuesday that its Octopus Asia Electrification Fund has struck its first deal in the Philippines.

The new vehicle, which will be managed by Octopus Energy's generation arm, is designed to support local green energy developers.

It intends to raise $600m (£448m) from institutional investors, with $50m (£37.3m) having been committed by unnamed Japanese backers.

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Sources said its launch would be announced on Tuesday amid this week's COP31 event in Antalya, Turkey.

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.

Through its acquisition of rival Bulb and effective marketing, it has become Britain's biggest domestic energy supplier by some measures.

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.

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.

Octopus Energy argues that developing cleaner energy infrastructure will help insulate consumers from energy price shocks.

The Asian fund's first investment is in Octali Energy Development, a Manila-based solar and storage developer.

"Asia is at the heart of the global energy transition," Zoisa North-Bond, chief executive of Octopus Energy Generation, said.

"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."

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Octopus said in a statement that Octali's projects could generate enough clean electricity to power more than 300,000 Philippine homes by 2030.

Coal still comprises more than 60% of the country's electricity, while 98% of the Philippines' oil imports are from the Middle East.

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.

(c) Sky News 2026: Octopus Energy sparks COP31 dealmaking with new Asian fund