Octopus Energy, under its generation arm, has acquired UK solar developer Zestec Renewable Energy to support the rollout of solar on the roofs of British businesses.
The solar developer will create over 100 projects across the UK by 2027 with these ranging from between 100kW to 7MW. In doing so, Zestec’s solar portfolio will become more diverse and contribute to the rollout of solar technologies across the UK.
The firm is already said to be in the process of developing a pipeline of over 160MW of new UK solar energy which will be sold to organisations via power purchase agreements (PPA).
This will allow small and medium enterprises, public sector organisations like schools and local councils, as well as large corporations to benefit from self-generated solar energy.
“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,” said Simon Booth, chief operating officer at Zestec.
The acquisition builds on a previous agreement between the two companies, signed in 2021, to deliver more than £100 million of new UK solar assets. The funds were to be used to develop both rooftop solar and private wire ground-mount systems.
The agreement will also increase Octopus’ overall solar assets owned by 11%.
“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,” said Zoisa North-Bond, CEO of Octopus Energy Generation.
Octopus Energy also received a boost this week with the approval of its acquisition of Bulb following the supplier being put into Special Administration due to the energy crisis.
A judicial review had been launched following Octopus Energy’s successful bid to integrate Bulb’s services into its own offering, which currently consists of 1.5 million customers. The High Court has now approved this and thus will now allow Octopus to integrate Bulb shortly before midnight on 20 December 2022, Bulb confirmed.
Commenting on the agreement, an Octopus Energy spokesperson said: “The High Court has rightly given the green light for the transfer to go ahead in December. Taxpayers will be saved from millions – even billions – of costs that could have been incurred if the process was dragged out.
“This is positive news for Bulb’s customers and staff and starts to bring to an end the huge financial exposures for government and taxpayers.”