- Energy pioneer OVO plans to accelerate Britain’s energy transition with proposed new business arm overseeing generating assets.
- Initial investment worth hundreds of millions of pounds poised to repower existing UK onshore wind farms, generating cheaper, greener, homegrown energy.
- New polling shows that repowered wind farms are the most publicly supported route to deliver green energy, with 84% of consumers in favour of the upgrades.
OVO, a leading UK energy provider, has announced the proposed launch of OVO Renewables, a major new arm of the business that could see OVO move into energy generation for the first time.
With an initial investment of hundreds of millions of pounds, OVO Renewables plans to repower the UK’s existing onshore wind farms, improving them with modern technology which extends their lifespan and boosts output. The move would cut the queue on infrastructure planning, bringing green energy to millions of customers faster and directly support Britain’s journey to cleaner, cheaper, and more secure energy.
As global energy markets remain volatile, OVO Renewables has the potential to deliver more homegrown, reliable power for UK households with the first phase delivering up to c.500MW of capacity, enough to supply approx 400,000 homes; directly contributing to the Government’s 30GW target under the 2030 Clean Power Action Plan.
New polling commissioned by OVO shows that repowered wind farms are far more acceptable to communities than either the original turbines or new developments on greenfield land. While just 60% of the public would support a new wind farm built on undeveloped land nearby, support jumps to 81% for upgrades to existing sites, and rises to 84% when people are told that newer turbines are quieter, more efficient, and require fewer turbines.
OVO would be supported in the new venture by sister company Kaluza, the leading energy technology platform. In the future, OVO Renewables could provide green energy directly to nearby communities, ensuring local households benefit directly from renewable power generated on their doorstep.
Subject to necessary approvals, OVO Renewables plans to work in partnership with NextLife Energy – a specialist UK renewable energy investor and developer, to source, acquire, manage and redevelop onshore wind projects across the UK.
David Buttress, CEO of OVO, said:
'Britain built some of the world’s first onshore wind farms, but many are now aging fast. We’re creating a huge opportunity to unlock more clean, secure energy, without the delays that come with building new sites. OVO Renewables has the potential to breathe new life into Britain’s green power infrastructure, delivering real benefits to customers and communities.'
Energy Minister Michael Shanks said:
'This is a hugely exciting new venture from OVO, showcasing how the public and private sector are working in lock step to end our reliance on unstable global gas markets with homegrown, clean power we control.
'Repowering existing wind farms will be a key part of how we build a cheaper, cleaner, more secure energy system, creating jobs across the country and driving forward our mission to bring bills down for good.'
Lord Smith of Kelvin, Chair of NextLife Energy, said:
'NextLife Energy is looking at generation assets differently. Acquiring mid-life projects with the potential to repower means important generation capacity is not retired from our UK network. The launch of OVO Renewables and the partnership with NextLife Energy draws on a number of previous experiences and is an exciting opportunity for both businesses.'
Source: OVO Energy
