British energy company Octopus Energy Generation has announced its acquisition of Zestec Renewable Energy, a UK-based solar developer and asset manager.
Zestec has a solar development energy pipeline of more than 160MW in the country, which will be sold to the organisations hosting the solar panels via power purchase agreements (PPA).
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The company’s clean energy portfolio aims to provide self-generated green power for businesses and public sector organisations, which will not need to fund the projects’ development.
Zestec chief operations officer Simon Booth 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.”
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The deal has strengthened Octopus’ existing partnership with Zestec, which began last year with an objective to quickly grow UK solar assets.
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By GlobalDataIt is expected to increase the number of solar assets managed by Octopus by up to 11% in the next five years.
A fund managed by Octopus Energy Generation will build more than 100 projects by 2027, with capacities ranging from 100kW to 7MW.
Clean energy generated by these projects will help offset carbon emissions while reducing reliance on gas.
Octopus Energy Generation CEO Zoisa North-Bond 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.”
In September this year, Octopus Energy Generation agreed to purchase an additional 15.5% stake in the Lincs offshore wind farm in the UK.
The company bought a 7.75% stake in the 270MW wind farm on behalf of ORIT earlier this year.
