Octopus Energy Group (Octopus Energy) has agreed a partnership with Sterlite Power to strengthen India’s renewable infrastructure and help decarbonise the country.
Both parties will work together to build renewable energy generation and storage assets in India, and deploy renewable power to large industrial, commercial users.
They are also hoping to supply cheap, green power to domestic consumers once the necessary regulations are put in place.
The deal follows a memorandum of understanding signed at COP26 last month, when both companies committed to exploring several joint retail ventures.
Sterlite Power is a private sector power transmission infrastructure developer and solutions provider operating in India and Brazil.
The company has been increasingly focused on integrating renewable energy to the grid.
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.
Octopus Energy and Sterlite Power aim to drive down the needs for coal and natural gas with new green projects, drastically decarbonising the country’s energy demand.
It also continues the UK energy giant’s expansion into new markets, with the company moving into 13 countries in just five years, buoyed by its recent $600m funding boost from Generation Investment Management and subsequent $5bn valuation.
Octopus Energy is currently considering whether to launch a retail energy business in India.
Alongside India, the tie-up will look to apply Sterlite Power’s transmission expertise in the UK and bring more competition to the established grid monopoly.
In India, Sterlite Power advocated unleashing market forces in the transmission sector, with the aim of 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 per cent compared to legacy methods.
Greg Jackson, chief executive and founder of Octopus Energy, said: “Through this partnership with Sterlite Power, we will be able to offer greener, cheaper options to consumers in both the UK and India, and even help India with its goals for decarbonisation through relentlessly cutting emissions from large industrials there.
Pratik Agarwal, managing director, Sterlite Power said: “Together, we look forward to exploring a host of opportunities that aim to decarbonise carbon intensive industries, and empower consumers with green energy options towards a sustainable lifestyle.”