UK-based energy group Octopus Energy has made a significant move in the renewable energy sector by acquiring French agrivoltaics (agriPV) developer OX2 France from OX2 AB. This acquisition aligns with Octopus Energy’s ambitious plan to invest over €1 billion (approximately $1 billion) in clean energy projects across France by the end of 2025. The company has indicated that more deals in the French market are forthcoming.
Key Takeaways
- Octopus Energy has acquired OX2 France, a leading agrivoltaics developer.
- The acquisition is part of a larger strategy to invest over €1 billion in French clean energy.
- OX2 France has a pipeline of 21 projects with a total capacity of 450MW.
- This marks Octopus Energy’s first investment in a French developer through its Sky fund.
The acquisition of OX2 France is a strategic move for Octopus Energy, which aims to enhance its renewable energy portfolio in Europe. OX2 France currently has a robust pipeline of 21 projects, primarily focused on agrivoltaics, with a combined capacity of 450 megawatts (MW). These projects are spread across several French regions, including Nouvelle-Aquitaine, Centre-Val de Loire, and Auvergne-Rhône-Alpes.
Zoisa North-Bond, CEO of Octopus Energy Generation, expressed enthusiasm about the acquisition, stating, "France is a shining market for us as we continue to scale renewable energy across Europe. OX2 France has been leading the way in agrivoltaics, proving that solar power and agriculture can thrive together for a cleaner future."
Investment Strategy
Octopus Energy’s acquisition of OX2 France is part of a broader strategy to invest heavily in the French clean energy sector. The company has already made strides in the market, having acquired a portfolio of rooftop solar PV from French solar producer Eleco in July 2024. The goal is to develop up to 100MW of new rooftop solar PV in France by 2030.
The acquisition was executed through Octopus’ Sky fund (ORI SCSp), marking the fund’s first investment in a French developer. This move underscores Octopus Energy’s commitment to expanding its renewable energy footprint in Europe, particularly in markets that show significant growth potential.
Future Prospects
The acquisition of OX2 France comes on the heels of OX2’s own acquisition by investment firm EQT, which aims to transition the company from a project developer to an independent power producer (IPP). This shift is expected to enhance OX2’s capabilities in developing and owning renewable energy projects, aligning with Octopus Energy’s vision for sustainable energy solutions.
As the European renewable energy market continues to evolve, Octopus Energy’s strategic investments position the company to play a pivotal role in the transition to cleaner energy sources. With a focus on agrivoltaics, Octopus Energy is not only contributing to the renewable energy landscape but also promoting sustainable agricultural practices.
In conclusion, Octopus Energy’s acquisition of OX2 France marks a significant step in its mission to scale renewable energy across Europe. With a strong pipeline of projects and a commitment to sustainable practices, the company is poised to make a lasting impact in the French clean energy market.