The Financial Conduct Authority (FCA) has given final approval for the Octopus Energy Group’s acquisition of its sister company Octopus Renewables.
As such, a portfolio of over 300 solar, onshore wind and biomass projects worth more than £3.4 billion has now been transferred to Octopus Energy’s asset management arm.
It was announced originally in March, and followed the launch of the Group’s Fan Club tariff, which allows customers to benefit from lower priced electricity from two Octopus owned turbines during windy periods.
With the introduction of the tariff, Octopus Energy Generation – a new business arm of the wider Octopus Energy Group – was launched. Octopus Renewables will now join this division, with its 70 staff members transferring over to work in Octopus Energy’s London offices, bringing both the supply and generation sides of the business together under one roof.
The finalisation of the deal represents 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,” said Chris Hulatt, chairman of Octopus Renewables and co-founder of Octopus Group, the parent company behind Octopus Energy and Octopus Renewables.
“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.”