Octopus Energy, Sterlite Power ink MoU for developing green power systems
Energy technology innovator Octopus Energy Group and Sterlite Power have announced that they have signed an agreement that intends to help decarbonize Indian industry and bring cheaper green power to consumers globally.
The Memorandum of Understanding (MoU), signed at COP26, will see the two companies delve into several joint retail ventures. It is the first UK-India energy collaboration since the Green Grids announcement launched by UK Prime Minister Boris Johnson and Indian Prime Minister Narendra Modi at COP26 in November 2021.
The association will aim to apply Sterlite Power's transmission expertise in the UK and bring more competition to the established grid monopoly. In India, Sterlite Power has been an advocate for unleashing market forces in the transmission sector, making the Indian power grid more competitive and cheaper to run. Since doing so, the sector has been able to operate power grids much more efficiently, with cost reductions of up to 40 percent compared to legacy methods.
Collectively, Sterlite Power and Octopus are intending to build renewable energy generation and storage assets in India and deploy affordable renewable power to large industrial, commercial users.
The companies are hoping to also supply this cheap, green power to domestic consumers once the necessary regulations are put in place.
India is now the third-largest carbon-emitting country in the world, producing over 2.6 billion tons of carbon dioxide a year as its industrial boom continues. The projects that Octopus and Sterlite Power hope to create will help drive down the needs for coal and natural gas, drastically decarbonizing the country's energy demand and using technology to reduce costs for consumers.
The agreement underlines Octopus Energy Group's global expansion which has seen it move into 13 different countries in just five years and may soon involve the launch of a retail energy business in India.
