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Octopus Energy’s generation arm, one of Europe’s leading renewable energy investors, has made a bold entry into the French agrivoltaics sector by acquiring OX2 France, a market leader in combining solar energy production with agricultural practices.
With the acquisition, Octopus inherits a pipeline of 21 agrivoltaic projects spread across Nouvelle-Aquitaine, Centre-Val de Loire, and Auvergne-Rhône-Alpes. If fully realized, these projects aim to deliver nearly 500MW of renewable energy capacity by 2031, doubling Octopus Energy’s existing capacity in France.
This move solidifies France as Octopus Energy’s largest green generation market in continental Europe. The company plans to invest over €1 billion in clean energy infrastructure by the end of 2025.
The deal includes OX2 France’s entire team, whose extensive expertise and track record in renewable energy development will further enhance Octopus Energy’s regional capabilities.
Octopus Energy has also been selected by the French government to participate in offshore wind tenders, marking another first for the company. Additionally, it recently acquired Sungen 10, a portfolio of 100+ rooftop solar projects on French farms, and plans to scale these installations further through partnerships with local stakeholders.
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, made through Octopus’ Sky fund (ORI SCSp), represents the fund’s first venture into a French developer. It builds on Octopus Energy’s collaboration with OX2, including purchasing wind farm projects in Sweden.
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