Martin Lewis says UK ‘walking into a catastrophe’ on energy
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Octopus Renewables has grown its portfolio with three new electricity supply deals in Scotland, Sweden and Finland. Octopus Energy Group, which has a renewable energy arm, signed three corporate and utility power purchase agreements (PPAs) in the last two for international firms that span retail energy, building materials and even baby wipes.
This deal will lead to the installation of wind farms in Scotland, Sweden and Finland, and provide more than 3,000 gigawatt-hours (GWh) of energy to corporate clients Kimberly-Clark, Owens Corning and Eesti Energia.
Kimberly-Clark and Owens Corning and will use the energy from these PPAs to decarbonise European production
Meanwhile, Eesti Energia will harness the deal to switch more consumers onto green energy tariffs.
Kimberly-Clark, which is the parent company of household brands such as Andrex, Kleenex and Huggies, will draw energy from the Cumberhead onshore wind farm in South Lanarkshire in Scotland.
Octopus has pumped millions of pounds targeting the development of up to nine onshore wind farms in Scotland and Wales.
These investments will have a potential combined capacity of about 570 megawatts and will be developed over the next five to ten years.
Phil Austin, chairman of Octopus Renewables Infrastructure Trust, said: “I am pleased to announce this partnership with Wind 2 to develop a significant amount of onshore wind farm capacity in the UK.
“This is an exciting move for ORIT which provides an opportunity to leverage the significant onshore wind development experience of the Wind 2 team and potentially generate a significant ready to build pipeline in the years to come.”
For Kimberly-Clark, this deal will help reduce its emissions by around 55,000 metric tons of carbon dioxide per year, which is equivalent to taking about 40,000 passenger vehicles off the road every year, City AM reports.
Meanwhile, Owens Corning, a leader in global buildings and construction materials has partnered with Octopus Renewables to harness energy from its Ljungbyholm wind farm in southern Sweden.
Octopus Renewables has a massive portfolio of renewable energy and manages more than 300 solar, onshore wind and biomass projects worth over £3.4bn.
Brexit Britain is set to receive a massive boost after a record number of finance bosses at the country’s biggest companies are aiming to ramp up capital spending in the next year, according to research by consultancy Deloitte.
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Finance bosses are also expecting their gamble on investment to pay off, with 84 percent predicting it will yield productivity enhancements.
Britain spends a huge $43billion (£31.6billion) on research and development (R&D), making up 1.6 percent of the size of the country’s economy, which is more than the likes of India and Russia, according to figures from Unesco.
Following Brexit, UK businesses are growing in confidence about their operational abilities.
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