FCA approves acquisition of Octopus Renewables by Octopus Energy
Octopus Energy Group has received final approval from the Financial Conduct Authority (FCA) for its acquisition of its sister company Octopus Renewables.
The deal will make the entech firm one of the largest operators and investors in solar and onshore wind in Europe.
As part of the deal, more than 300 solar, onshore wind and biomass projects worth over £3.4bn have now been transferred to Octopus Energy’s green energy asset management portfolio.
In addition, the 70 energy specialists from Octopus Renewables who manage the portfolio have now also moved to Octopus Energy’s offices in London.
Chris Hulatt, chairman of Octopus Renewables and co-founder of Octopus Group, the parent company behind Octopus Energy and Octopus Renewables, commented: “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.”
Zoisa North-Bond, CEO of Octopus Energy Generation, added: “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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