UK-based Octopus Energy has launched the Octopus Asia Electrification Fund, which aims to mobilize $600 million from institutional investors for clean energy projects across Asia.

The fund, managed by Octopus Energy Generation, is backed by $50 million from Japanese investors, the company said, without naming them. Octopus announced the fund on Nov. 10 at the COP31 climate summit in Antalya, Turkey, but did not disclose its structure or a target closing date.

Its first investment is in Octali Energy Development, a Manila-based solar and storage developer. Octopus said it will help Octali develop a targeted 450 MW of solar and 350 MWh of battery storage, which it said could supply more than 300,000 Philippine homes a year by 2030. The investment is Octopus’ first in the Philippines, where the company said coal still accounts for more than 60% of electricity. It did not disclose the size of the investment, its stake in Octali or the locations of the projects.

“We’re now combining our experience in renewable energy across the region with capital to help ambitious local developers scale, bring more clean power to consumers, and help build Asia’s clean energy future,” said Zoisa North-Bond, chief executive of Octopus Energy Generation.

Beyond the Philippines, the fund will target Japan, South Korea, Singapore, Indonesia, Thailand, Malaysia and Vietnam, investing in solar, onshore wind and storage, as well as microgrids and electric vehicle charging, according to Octopus.

Octopus Energy Generation said it already manages 2 GW of clean energy projects in development in Asia, including investments in solar developers Yotsuya Energy in Japan and Skygreen Energy in South Korea, and offshore wind developer Deep Wind Offshore, which has projects in South Korea.

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