Asia Digest: Octopus Energy to invest $1.9b in Asia; CyrusOne, KEPCO form data centre JV

Asia Digest: Octopus Energy to invest $1.9b in Asia; CyrusOne, KEPCO form data centre JV

Global tech energy firm Octopus Energy is investing about $1.9 billion in Asia while a joint venture between CyrusOne and KEPCO aims to invest more than $7 billion in Japan’s hyperscale data centre market.

UK’s Octopus Energy to invest about $1.9b in Asia

UK-based energy tech pioneer Octopus Energy has committed to invest 1.5 billion pounds (about $1.9 billion) in the Asia-Pacific energy market by 2027, according to a company announcement.

The firm aims to accelerate the region’s shift to greener energy solutions with plans to direct 1.2 billion pounds into solar and wind energy projects, and the rest targeting Japanese renewables.

“International cooperation is the key to creating an energy transition which benefits consumers and economies as well as the climate,” said Greg Jackson, founder of Octopus Energy Group.

Octopus is also dedicating an additional 300 million pounds towards expanding its technology and energy retail hub in Tokyo. The hub, responsible for key innovations in Octopus’ tech platform Kraken, is set to grow tenfold by 2027, generating 1,000 green jobs.

This initiative builds on the firm’s partnership with Tokyo Gas, initiated in 2021. Japan, with nearly 200,000 retail customers, is now Octopus’ second-largest market.

The company also intends to use the partnership to raise 400 million pounds from Asia-Pacific investors in the next five years. These funds will be utilised to construct more UK wind and solar farms, and to bring valuable energy expertise to Europe, said Octopus.

CyrusOne, KEPCO JV to invest $7b for Japan data centres

Global data centre developer CyrusOne and Japanese power firm KEPCO have launched a joint venture company that will invest more than $7 billion over the next decade in Japan’s hyperscale data centre market.

The JV firm, CyrusOne KEP, aims to develop new data centres designed to meet the critical needs of hyperscale platform companies in Japan. The two companies will have equity investments in the JV.

The partnership also seeks to reach a business scale of 900 megawatts and plans to build in the Kansai area and other major markets across Japan. Construction on the first project is expected to begin in the near future in Kansai.

“This is a unique partnership that brings data center and power knowledge and capability together and provides a unique opportunity to simultaneously optimize digital and power infrastructure,” said Eric Schwartz, president and CEO of CyrusOne.

CyrusOne was acquired by KKR and Global Infrastructure Partners in 2022.

Edited by: Pramod Mathew

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