Fields of power: Octopus Energy acquires agrivoltaic developer OX2 France
- Octopus’ Sky fund (ORI SCSp) has acquired innovative renewables developer OX2 France
- Marks Octopus’ largest deal in the country to date, targeting the development of almost 500 MW of solar photovoltaic projects by 2031
- Part of Octopus' ambitious plan to invest €1bn in French clean energy, with multiple more deals in the pipeline
London / Paris, 15th January 2025 – Octopus Energy’s generation arm, one of Europe’s biggest investors in renewable energy, has made its largest move in France by acquiring agrivoltaics developer OX2 France from OX2 AB.
OX2 France is a trailblazer in agrivoltaics, combining solar energy generation with agriculture to maximise land use and boost biodiversity.
This powerhouse deal marks Octopus’ latest leap into the French market, with a pipeline of 21 projects in the works across Nouvelle-Aquitaine, Centre-Val de Loire, and Auvergne-Rhône-Alpes.
If all projects in the current pipeline get built, the investment targets to develop close to 500 MW of capacity in France by 2031 - more than doubling its current capacity.
The acquisition includes OX2 France’s entire market-leading team, adding additional invaluable expertise with a successful track record of developing projects.
This comes as Octopus ramps up its green energy activities in France - its largest green generation market in continental Europe. It has plans to channel over €1 billion into the country’s clean energy infrastructure by the end of 2025, with multiple deals in the pipeline.
It also recently got selected by the French government to take part in the country's upcoming offshore wind tender – another first for the company.
It also comes hot off the heels of its acquisition of Sungen 10, a portfolio of more than one hundred rooftop solar projects on top of French farms, working with local partners to develop even more rooftop solar installations over the next few years.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: "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. By joining forces, we are one step closer to creating more sustainable energy solutions for millions of people in France and beyond.”
Eric Bonnaffoux, Country Manager of Veles Energies, said: “With the support of the OX2 AB teams, OX2 France has been able to grow and develop high-quality solar projects over the last few years. Now we are very excited and proud to be joining Octopus’s Sky fund (ORI SCSp), managed by Octopus Energy Generation, as we embark on an exciting new chapter. This partnership will enable us to further develop and operate our solar projects, advancing our mission to provide renewable green energy to France."
Paul Stormoen, CEO OX2, said: “There has been considerable interest in acquiring both the organization and the portfolio. It is of course sad to part with the French team, but I am confident that the team and portfolio will have a successful future with such a prominent pan-European financial investor such as the Octopus’ Sky fund (ORI SCSp), managed by Octopus Energy Generation. I wish them the best of luck.”
The acquisition was made through Octopus’ Sky fund (ORI SCSp). It marks the fund’s first investment into a French developer and furthers its commitment to accelerating Europe’s green energy transition.
This deal also marks the latest in Octopus Energy Generation’s work with OX2, including acquiring wind farm projects from OX2 in recent years in Sweden.
-ENDS-
Notes to editors:
Press Contacts
Octopus Energy Group
Amy Boekstein
+44 (0)20 4530 8369
OX2 Group
Edvard Lind
+46 72 727 11 17
About Octopus Energy Generation
Octopus Energy Generation is driving the renewable energy agenda and building green power for the future. It is reshaping the market by leading the transition to a cleaner, greener future through renewable projects connected more deeply to customers and businesses. As one of Europe’s largest specialist renewables investors, it manages 3.7 GW of green energy projects like wind and solar farms in over 15 countries, worth £7bn ($9bn). These generate enough green power for 2.4 million homes every year - the equivalent of taking over 1 million petrol cars off the road.
Octopus comes up with innovative tech-enabled products to change ingrained thinking about energy, positively influence the net zero economy and deliver cheaper energy for customers. This includes the ‘Fan Club’, a world-first tariff providing discounted energy to people living near wind turbines when it's windy, which has seen 36,000+ requests for local wind turbines, and Winder (Tinder for Wind), Octopus’ tech platform to speed up new turbines development driven by community demand. For more information, check out our website.
About OX2
OX2 is a leading renewable energy developer that operates a large and diverse project portfolio across all major technologies, including onshore and offshore wind, solar, and storage. The total portfolio including development, construction, asset management and operations amounts to over 30GW. Headquartered in Stockholm, Sweden, OX2 is present in 10 markets across Europe in addition to Australia. The company has about 500 employees and has developed to financial close approximately 14 GW since its inception 2004. OX2 is owned by EQT, one of the world’s largest private equity investors. www.ox2.com
About Octopus Energy Group
Octopus Energy is a global clean energy tech business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus delivers world-class customer service and cutting edge energy products to 9 million households globally. Its operations span 18 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £7 billion portfolio of projects.
Octopus has licensed its advanced data and machine learning platform, Kraken, to support over 54 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy. Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide. For more information, check out our website
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