New joint venture company seeks to grow community generation in the UK

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OCTOPUS Energy and Midcounties Cooperative have started a new company that supports renewable community energy projects across the country.

Called Co-op Community Energy, the joint venture seeks to grow community generation in the UK and now seeks to increase their own portfolio of community energy partners.

“In a subsidy-free environment, it is crucial that community groups are given support in finding opportunities to develop and grow projects, and that they have confidence that energy suppliers will pay a fair price for the power they generate”, Tom Hoines, managing director of Co-op Community Energy, commented.

“My priority in the coming weeks will be to travel around the country, meeting with community groups to understand in even more depth the challenges they face today, and how Co-op Community Energy can best support them.”

The new stand-alone company has secured five new Power Purchase Agreements (PPAs) with hydro-electric sites operated by the National Trust across Wales.

The new agreements take the number of sites supplying renewable energy to Co-op Energy customers to 79.

Greg Jackson, CEO of Octopus Energy said: “The launch of this joint venture is part of the most exciting change in UK energy infrastructure.

“By funding and using local renewable power from the community, for the community, when the sun shines, the wind blows and rivers run, we can take the pressure off the national grid and save the world from even more fossil fuels.

“These brand new community energy projects we are working with across the UK are a small step to decarbonising our planet, decentralising our grid and sourcing power locally, and we can’t wait to get more signed up.”