Octopus Launches $600M Asia Clean Energy Fund, Backs Philippine Solar

British energy company Octopus Energy has launched the Octopus Asia Electrification Fund (OAEF), targeting $600 million in institutional investment to expand renewable energy and battery storage projects across Asia. Announced on 10 November 2026 at COP31 in Antalya, Türkiye, the fund has secured an initial $50 million in commitments from Japanese investors. Its first investment is in Philippine renewable energy developer Octali Energy Development, which is targeting 450 megawatts (MW) of solar capacity and 350 megawatt-hours (MWh) of battery storage.

Managed by Octopus Energy Generation, the fund will invest in local renewable energy developers to accelerate the construction of clean electricity infrastructure. The initial Philippine investment will support Octali's planned solar and battery projects, which could generate enough electricity to supply more than 300,000 households annually by 2030. The investment marks Octopus Energy's first entry into the Philippine renewable energy market, although the financial value of its commitment to Octali has not been disclosed.

The fund aims to reduce reliance on imported fossil fuels as electricity demand increases across Southeast Asia. According to Octopus, coal accounts for more than 60% of electricity generation in the Philippines, while approximately 98% of the country's oil imports originate from the Middle East. Expanding domestic renewable energy generation and battery storage could help diversify electricity supplies and reduce exposure to international fuel price volatility.

 

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Beyond the Philippines, the fund will target renewable energy opportunities in Japan, South Korea, Singapore, Indonesia, Thailand, Malaysia and Vietnam. Its investment scope includes solar power, onshore wind, battery storage, microgrids, electric vehicle charging and other energy transition technologies. The fund is classified under Article 9 of the EU Sustainable Finance Disclosure Regulation (SFDR), reflecting its sustainable investment objective.

The launch builds on Octopus Energy Generation's existing Asian portfolio, which includes approximately 2 GW of clean energy projects under development. The company has previously partnered with Yotsuya Energy in Japan and Skygreen Energy and Deep Wind Offshore in South Korea. Globally, Octopus Energy Generation manages renewable energy projects valued at approximately $11.4 billion across 21 countries.

Zoisa North-Bond, CEO of Octopus Energy Generation, said, "Our first investment in the Philippines is an exciting step." She highlighted the opportunity to combine institutional capital with local development expertise to expand renewable electricity generation across Asia. The fund will now seek additional institutional commitments towards its $600 million target while supporting the development of its initial Philippine projects.

 

Source: Octopus Energy