- Orange Renewables has been lapped up by another Octopus Group entity, Octopus Energy Group
- The acquisition will add 2.8 GW worth of solar and wind energy assets to Octopus Energy’s asset management portfolio on completion
- With this move, Octopus Energy aims to produce enough green energy to power 50 million homes by 2027
Octopus Energy Group, a UK based electricity and gas supplier, is to enhance its green energy asset management portfolio with the addition of £3.4 billion ($4.68 billion) worth of generation capacity by the strategic acquisition of its sister company Octopus Renewables.
It claims Octopus Renewables has a diverse portfolio of assets with over 2.8 GW of capacity as the ‘largest’ commercial solar investor in Europe and a leading onshore wind investor. The company is currently focused on building subsidy free renewable assets across Europe and Australia.
Octopus Energy claims this acquisition will make it one of Europe’s largest green generation operators and investors and sets its aim to produce enough green energy to power 50 million homes by 2027.
Post the acquisition, Octopus Renewables will continue to operate under the same name, leadership and people, however from June 2021 onward, Octopus Renewables’ business will be managed by the new business arm of Octopus Energy Generation which is run by Zoisa North-Bond who is credited with establishing Octopus Energy for Business in 2018.
“We are absolutely thrilled to join forces with Octopus Renewables, bringing the supply and the generation side of energy together under one roof,” said CEO and Founder of Octopus Energy Group, Greg Jackson. “This move will allow us to create a business that is unrivalled on the global stage; by combining our tech and consumer-led approach with the fund management expertise of Octopus Renewables, we can change the entire energy lifecycle, make every green electron matter, and deliver the green energy transition faster and cheaper for everyone.”
Part of the Octopus Group, Octopus Energy is providing customer service for London’s renewable energy focused utility London Power (see London Mayor Launches Renewables Only Energy Utility).
The news of this acquisition follows institutional investor managing pension funds, Nest picking up Octopus Renewables as a partner to use £250 million to renewables projects in the UK and Europe.