Octopus Energy and RES today (14th October) have announced a new partnership that would see a £3 billion investment to build new green hydrogen plants across the UK by 2030.
The partnership will build, reliable and competitive source of clean hydrogen in the UK, which would be immune from natural gas price volatility and speed up the decarbonisation of heavy industries.
Both partners will use their expertise and capital to develop, own and operate new green hydrogen plants fuelled by clean, renewable energy.
Octopus Renewables manages more than 300 solar, onshore wind and biomass projects worth over £3.4 billion. RES is the world’s largest independent renewable energy company and has delivered 22 GW of generation capacity across the globe.
Alex Brierley, Octopus Renewables Co-Head, said, “The supply of green hydrogen will be critical to the success of many industries in meeting the UK’s net-zero targets and with this partnership we are providing a solution for those businesses to help deliver on the government’s ambitions.”
Rachel Ruffle, EMEA CEO for RES, said, “We know that renewable-based electrification using wind and solar is the fastest way to decarbonise. When coupled with the production of green hydrogen, it becomes the natural choice for industry and our hard to abate sectors.”