Octopus Energy Generation, one of Europe’s largest specialist renewables investors, has accelerated to £8.5 billion in assets under management, marking another major milestone in Octopus’ rapid green growth.

Its fund management team – which helps grow pension savers’ money – now manages a 5.7 GW green energy portfolio, with more than 400 sites across 21 countries. Spanning solar, onshore and offshore wind, and battery storage, these projects generate enough clean energy to power more than 2.8 million homes every year.

The announcement follows Octopus Energy Generation’s appointment as investment manager for Renewable Power Capital’s (RPC) European green energy portfolio. Octopus now manages RPC’s 1 GW of operational and construction-stage assets, alongside a multi-gigawatt pipeline of projects in development across Europe.

This caps off a whirlwind year of global expansion for Octopus, from major investments in US clean tech to solar development in Asia and wind farm acquisitions across Europe. The team completed 40% more clean energy deals over the past year than the previous year, with £930m deployed in the last six months alone.

Since joining Octopus Energy in 2021, Octopus Energy Generation has almost tripled the renewable assets it manages. It also added 9 institutional fund mandates, working with pension schemes, insurers and private wealth investors across the UK, Europe and Asia to back the energy transition, creating a greener, more affordable energy system for everyone.

Its growing suite of investment products includes the Octopus Energy Development Partnership (OEDP), Octopus Energy Transition Fund (OETF), CG Octopus Energy Sustainable Growth Fund I, while its flagship evergreen Sky fund (ORI SCSp) is approaching £3bn of committed capital.

Alex Brierley, Co-head of Octopus Energy Generation’s fund management team, said: “Surpassing £8 billion in assets under management is a major milestone for us. It is testament to our track record over the past 15 years where we’ve been entrusted by institutional investors to unlock opportunities across the energy transition.

“As a specialist fund manager part of Octopus Energy Generation, we see first-hand how electrification is transforming energy systems for consumers around the world. Investors are increasingly looking for simple, scalable ways to support this shift – and we’re focused on making that possible.

“We’re helping connect capital with the infrastructure needed to deliver a cleaner, more secure and affordable energy system for everyone. We’ve grown rapidly in the past year, and with significant opportunities ahead – there’s much more to come.”