Octopus Renewables to buy nine windfarms from RES Group

Jack Unwin 14 November 2019 (Last Updated November 14th, 2019 16:45)

Octopus Renewables has agreed to purchase nine windfarms in the UK, France and Ireland from RES Group for a fee of $110m (€100m).

Octopus Renewables to buy nine windfarms from RES Group
Octopus Renewables to buy nine windfarms from RES Group for €100m. Source: BKnight97

Octopus Renewables has agreed to purchase nine windfarms in the UK, France and Ireland from RES Group for a fee of $110m (€100m).

Six of the windfarms are located in France, which Octopus describes as a “key location” for renewable energy. One windfarm is in the UK with the remaining two in Ireland, Octopus’ first in the country. Some of the windfarms are already operational, with others under construction.

This is the fifth deal that has taken place between Octopus Renewables and RES Group since 2015, with the companies also looking to repower their sites in France and other areas.

With this deal Octopus now brings its onshore wind portfolio to 21 sites across four countries, with a total combined capacity of 470MW, making the company one of the largest non-utility investors in renewable energy in Europe.

Octopus Renewables co-head Alex Brierley said: “This is a further stride for Octopus into the European wind market, mirroring our strength in solar.

“With these assets, we’ve significantly expanded our onshore wind footprint in France, which continues to be highly attractive as a destination for investment in renewable energy. Likewise, the favourable support regime in Ireland and the potential for further renewable capacity made it a natural target market for us.”

RES group commercial director Richard Russell said: “RES is proud to announce the completion of this transaction with Octopus, with whom we have built a solid relationship over the last 5 years, both in the UK and France.

“RES supports over 5.5GW of operational assets across the globe, working with partners such as Octopus who are committed, like us, to a zero-carbon future.”

The company also tweeted: “We’ve sold nine wind farms totalling 130MW to our colleagues at Octopus Renewables who are committed, like us, to zero-carbon future.”