Octopus Energy purchases Zestec Renewable Energy

Dec 2, 2022 03:24 PM ET
  • The bargain comes with a 160MW pipeline of new solar projects
Octopus Energy purchases Zestec Renewable Energy
Image: Octopus Energy

Octopus Energy Group's generation arm has acquired UK solar developer and also asset supervisor Zestec Renewable Energy.

Zestec is developing a pipe of over 160MW of new UK solar power which will be marketed to the organisations hosting the photovoltaic panels via power purchase agreements (PPA).

This will certainly allow SMEs, public field organisations like schools and also regional councils, along with big firms to gain from self-generated green power without footing the price of the installation of the solar system.

Via a fund handled by Octopus Energy Generation, over 100 projects will certainly be built by 2027, ranging from 100kW to 7MW. The clean energy created will certainly help in reducing gas dependence as well as exhausts, and is the matching of taking 40,000 petroleum cars off the road.

The offer improves Octopus' existing collaboration with Zestec announced last year to rapidly grow UK solar assets. Acquiring Zestec will improve the solar assets Octopus manages by approximately 11%.

Zoisa North-Bond, Chief Executive Officer of Octopus Energy Generation, said: "There's a considerable untapped chance in the UK to produce even more affordable green power from businesses' roofs. This space is fast-growing and it'll aid bring even more energy security and reduced energy bills, all while allowing firms to lower their carbon emissions."

Simon Booth, COO of Zestec, said: "Having collaborated with the team at Octopus over the last two years, it has become clear that we have a shared passion to scale in this interesting market of the renewable energy market. Most significantly, there is a common values, customer focus and attention to quality that supplies the right end results for all."

Solar Installers, Manufacturers