Octopus Energy Acquires Renewables Developer to Boost British Solar

OCTOPUS ENERGY Group’s Generation arm has announced the acquisition of UK solar developer and asset manager, Zestec Renewable Energy, to build solar power on British businesses’ roofs.

Zestec is developing a pipeline of 160 MW of new UK solar energy which will be sold to the organisations hosting the solar panels via power purchase agreements (PPA). This will allow SMEs, public sector organisations, and large corporations to self-generate power without investing upfront in the cost of the installation of the solar system.

Through a fund managed by Octopus Energy Generation, over 100 projects will be built by 2027, ranging from 100 kW to 7 MW. The energy generated will be the equivalent of taking 40,000 petrol cars off the road.

Simon Booth, COO of Zestec, said: “Having worked with the team at Octopus over the last two years, it has become clear that we have a shared ambition to scale in this exciting sector of the renewable energy market. Most importantly, there is a shared ethos, client focus and attention to quality that delivers the right outcomes for all.”

Boosting British Solar

The Zestec acquisition is the latest in a string of deals by Octopus to drive solar power in the UK. It follows investment in solar and storage developer Exagen, floating offshore wind developer Simply Blue, and onshore wind developer Wind2.

Zoisa North-Bond, CEO of Octopus Energy Generation, said: “There’s a significant untapped opportunity in the UK to generate more cheap green power from businesses’ rooftops. This space is fast-growing and it’ll help bring more energy security and lower energy bills, all while allowing companies to reduce their carbon emissions.”

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