Octopus Energy Group is to acquire group company Octopus Renewables adding over £3bn of generation capacity from the latter into its green energy asset management portfolio.
This will make it one of the largest operators and investors in renewable energy in Europe, it claimed.
From June onwards, Octopus Energy Group will manage Octopus Renewables’ European portfolio under its new business arm Octopus Energy Generation.
The portfolio has more than 300 clean energy assets with a combined capacity of 2800MW across six countries and last year generated enough energy to power over 1.2 million homes.
By 2027, Octopus Energy said it is planning to match its supply and generate enough energy to power over 50 million homes, which is in line with the company’s own ambitions for customer growth.
In January, Octopus Energy made its first move into the generation market by acquiring two wind turbines.
It launched the “Fan Club” tariff, a world first that gives customers cheaper energy when local wind speeds are up.
Greg Jackson, CEO and founder of Octopus Energy Group (pictured), said: “We are absolutely thrilled to join forces with Octopus Renewables, bringing the supply and the generation side of energy together under one roof.
“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.”
Octopus Energy Generation is run by Zoisa North-Bond (pictured).
She said: “I’m incredibly excited to welcome the brilliant team behind Octopus Renewables into the Octopus Energy family and continue to grow this new side of our business.
“Combining the team’s in-depth investments and energy knowledge with our industry-leading energy tech platform Kraken, I’m convinced that we have what it takes to make this a reality while helping the UK to transform its energy system and build a strong green energy economy.”