Sainsburys forms renewables partnership

Octopus Investments, in partnership with Geothermal International (GI), has today announced it has entered into an agreement with J Sainsbury’s PLC to install ground source heat pumps at some of its supermarket sites.

Octopus and GI say they will work together to install the heat pumps across a series of Sainsbury’s car parks as part of the retailers’ renewable energy strategy and its commitment to reduce carbon emissions by 30 percent by 2020.

Joe Hartman, investment manager at Octopus, said: “We are excited to have this opportunity to support Sainsbury’s in its renewables commitment. At Octopus we are able to move quickly to provide innovative investment to help customers achieve greater energy efficiencies. We’re looking forward to delivering on our agreement with Sainsbury’s and working with the experienced team at GI to establish the installations.”

Brian Davidson, founder and ceo of GI, said: “We are delighted to have secured investment from Octupus who clearly demonstrated an understanding of our business and technology and share our aims to become a significant renewable energy partner for Sainsbury’s. We look forward to developing a long term partnership with the renewables team at Octopus.”

Neil Sachdev, Sainsbury’s property director, added: “Our partnership with Octopus and GI is an important milestone in our renewable energy strategy, supporting job creation in the renewable energy sector. Their combined expertise and long term approach, underpinned by performance, supports our goal to reduce our absolute carbon emissions by 2020 and deliver energy cost savings for our business.”