FCA clears acquisition of Octopus Renewables by Octopus Energy
- Octopus Energy Group has received formal approval for acquisition of Octopus Renewables
- The deal has added £3.4bn worth of green energy projects to Octopus Energy’s asset management portfolio
- Octopus Renewables staff members now part of the Octopus Energy Generation team in London
London, 5 July 2021 - Today, Octopus Energy Group announces it has received final approval by the Financial Conduct Authority (FCA) for its acquisition of its sister company Octopus Renewables, making the UK entech pioneer one of the largest operators and investors in solar and onshore wind in Europe.
Over 300 solar, onshore wind and biomass projects worth over £3.4 billion have now been transferred to Octopus Energy’s green energy asset management portfolio. The 70 energy experts from Octopus Renewables who manage the portfolio have now also moved to Octopus Energy’s offices in London, bringing the supply and the generation side of energy together under one roof.
Chris Hulatt, Chairman of Octopus Renewables and Co-founder of Octopus Group, the parent company behind Octopus Energy and Octopus Renewables, is positive on what this deal can bring to investors:
“This finalised deal presents a huge opportunity for the two teams to come together and unleash pent-up capital that can help deliver the green energy transition faster than anyone ever imagined.
“Existing funds have not been affected by any of these changes. Indeed, now there are even more possibilities to enhance returns over time as the combination of energy investment know-how and industry-leading tech increases efficiencies along the supply chain and unlocks a multitude of new investment opportunities.”
The Octopus Renewables team joins Octopus Energy Generation, the new business arm of Octopus Energy Group and home to the company's revolutionary 'Fan Club' tariff. Zoisa North-Bond, CEO of Octopus Energy Generation, is looking forward to supercharging the green energy revolution at home and abroad.
She said “Having all our Octopus Renewables colleagues with us officially has made for an incredibly exciting time at Octopus Energy. As we continue to grow this new side of our business, we will be able to combine the team’s in-depth investments and energy knowledge with our industry-leading energy tech platform Kraken. Together, we can make a huge green dent in the world of generation.”
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About Octopus Energy Group
Octopus Energy Group was launched in 2016 with a vision of using technology to make the green energy revolution affordable whilst transforming customer experiences. It is a certified B-corp, and its domestic energy arm already serves 2.2 million customers with cheaper greener power, through Octopus Energy, M&S Energy, Affect Energy, Ebico, London Power and Co-op Energy.
Octopus Energy for Business manages over 25,000 customers with proprietary energy offerings. Octopus Electric Vehicles is helping make clean transport cheaper and easier, and Octopus Energy Services is bringing smart products to thousands of homes. Octopus Energy Generation is Europe’s largest investor in solar energy, managing a £3.4bn portfolio of renewable energy assets throughout the continent.
All of these are made possible by OEG's tech arm, Kraken Technologies, which offers a proprietary, in-house platform based on advanced data and machine learning capabilities, Kraken automates much of the energy supply chain to allow outstanding service and efficiency as the world transitions to a decentralised, decarbonised energy system. This technology has been licensed to support over 17 million accounts worldwide, through deals with Good Energy, E.ON energy and Origin Energy.
In December 2020, Octopus Energy Group was valued at over $2 billion after closing its second investment round of the year led by international energy companies Tokyo Gas and Origin Energy. With operations in the US, Japan, Germany, New Zealand and Australia, Octopus Energy Group's mission to drive the affordable green revolution is going global.
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