Renewable energy company, Desert Springs Octopus has been launched in the Northern Territory with the company saying it is looking to invest $50 billion over the next 10 years.

Indigenous-owned company Desert Springs Renewables is the majority shareholder of the newly formed company, backed by UK-owned Octopus Australia.

The company will promote the development of renewable energy projects, hydrogen production, new water infrastructure, agriculture, energy for mining, and transmission and electricity grid buildouts, including the export of clean energy to countries including Singapore and Japan, which have challenges in developing wind and solar capacity.

Octopus Australia’s managing director Sam Reynolds and managing director of indigenous law firm Jaramer Legal, Bevan Mailman, will co-chair the company and work closely with the Northern Territory Indigenous Business Network.

There will be an emphasis on Indigenous involvement in and benefit from the projects, for jobs, procurement, training, export initiatives, and local business support, the company said.

Octopus Australia said it has invested about $1 billion in Australian renewable energy since 2018, in projects including the Darlington Point solar site and the Dulacca Wind Farm in Queensland.