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.
This 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 500MW 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 €1bn 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.
This 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, chief executive 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, chief executive of OX2, added: “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.