Jan 15, 2025
Octopus has obtained OX2 France.
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Octopus Energy's generation division, one of the largest investors in renewable energy in Europe, has taken its most significant step in France by purchasing agrivoltaics developer OX2 France from OX2.
This acquisition signifies Octopus' continued expansion in the French market, with plans for 21 projects underway in regions like Nouvelle-Aquitaine, Centre-Val de Loire, and Auvergne-Rhône-Alpes.
If all projects in the pipeline are completed, the investment aims to develop nearly 500MW of capacity in France by 2031, more than double its current capability.
The deal includes the entire top-tier team from OX2 France, bringing in additional valuable expertise with a proven history of successful project development.
This move comes as Octopus increases its green energy initiatives in France, which is its largest green generation market in continental Europe.
The company plans to invest over €1 billion into the nation's clean energy infrastructure by the end of 2025, with several deals in progress.
Recently, Octopus was also chosen by the French government to participate in the upcoming offshore wind tender, marking another milestone for the company.
This follows its acquisition of Sungen 10, a collection of over one hundred rooftop solar projects located on French farms, collaborating with local partners to enhance rooftop solar installations in the coming years.
Zoisa North-Bond, CEO of Octopus Energy Generation, stated: "France is a bright market for us as we continue to grow renewable energy across Europe.
"OX2 France has been at the forefront of agrivoltaics, demonstrating that solar power and agriculture can coexist for a cleaner future.
"By joining forces, we are one step closer to providing more sustainable energy solutions for millions in France and beyond."
Eric Bonnaffoux, country manager of Veles Energies, expressed: "Thanks to the backing of the OX2 AB teams, OX2 France has managed to expand and cultivate high-quality solar projects in recent years.
"We are thrilled and proud to join Octopus’s Sky fund (ORI SCSp), run by Octopus Energy Generation, as we enter an exciting new chapter. This collaboration will allow us to further develop and manage our solar projects, advancing our mission to deliver renewable green energy to France."
Paul Stormoen, CEO of OX2, remarked: "There has been significant interest in acquiring both the organization and its portfolio.
"It's certainly bittersweet to part ways with the French team, but I am confident that both the team and portfolio will have a successful future under a prominent pan-European financial investor like Octopus’ Sky fund (ORI SCSp), managed by Octopus Energy Generation. I wish them all the best."
The acquisition was completed through Octopus’s Sky fund (ORI SCSp), marking the fund’s inaugural investment in a French developer and reinforcing its pledge to expedite Europe’s green energy transition.
This transaction also highlights the ongoing collaboration between Octopus Energy Generation and OX2, including previous acquisitions of wind farm projects from OX2 in Sweden.
This acquisition signifies Octopus' continued expansion in the French market, with plans for 21 projects underway in regions like Nouvelle-Aquitaine, Centre-Val de Loire, and Auvergne-Rhône-Alpes.
If all projects in the pipeline are completed, the investment aims to develop nearly 500MW of capacity in France by 2031, more than double its current capability.
The deal includes the entire top-tier team from OX2 France, bringing in additional valuable expertise with a proven history of successful project development.
This move comes as Octopus increases its green energy initiatives in France, which is its largest green generation market in continental Europe.
The company plans to invest over €1 billion into the nation's clean energy infrastructure by the end of 2025, with several deals in progress.
Recently, Octopus was also chosen by the French government to participate in the upcoming offshore wind tender, marking another milestone for the company.
This follows its acquisition of Sungen 10, a collection of over one hundred rooftop solar projects located on French farms, collaborating with local partners to enhance rooftop solar installations in the coming years.
Zoisa North-Bond, CEO of Octopus Energy Generation, stated: "France is a bright market for us as we continue to grow renewable energy across Europe.
"OX2 France has been at the forefront of agrivoltaics, demonstrating that solar power and agriculture can coexist for a cleaner future.
"By joining forces, we are one step closer to providing more sustainable energy solutions for millions in France and beyond."
Eric Bonnaffoux, country manager of Veles Energies, expressed: "Thanks to the backing of the OX2 AB teams, OX2 France has managed to expand and cultivate high-quality solar projects in recent years.
"We are thrilled and proud to join Octopus’s Sky fund (ORI SCSp), run by Octopus Energy Generation, as we enter an exciting new chapter. This collaboration will allow us to further develop and manage our solar projects, advancing our mission to deliver renewable green energy to France."
Paul Stormoen, CEO of OX2, remarked: "There has been significant interest in acquiring both the organization and its portfolio.
"It's certainly bittersweet to part ways with the French team, but I am confident that both the team and portfolio will have a successful future under a prominent pan-European financial investor like Octopus’ Sky fund (ORI SCSp), managed by Octopus Energy Generation. I wish them all the best."
The acquisition was completed through Octopus’s Sky fund (ORI SCSp), marking the fund’s inaugural investment in a French developer and reinforcing its pledge to expedite Europe’s green energy transition.
This transaction also highlights the ongoing collaboration between Octopus Energy Generation and OX2, including previous acquisitions of wind farm projects from OX2 in Sweden.