Octopus Energy's generation division, one of Europe's largest renewable energy investors, has acquired agrivoltaics developer OX2 France in its biggest move in the French market to date. This acquisition adds to Octopus' growing portfolio in France, which includes a pipeline of 21 projects across Nouvelle-Aquitaine, Centre-Val de Loire, and Auvergne-Rhône-Alpes.
The projects in the current pipeline, if completed, will develop nearly 500 MW of renewable energy capacity by 2031, more than doubling Octopus Energy's existing capacity in the country. The deal includes the entire OX2 France team, known for its expertise in agrivoltaics, a sector combining solar power and agriculture, which will bolster Octopus' capabilities in developing sustainable energy solutions.
The acquisition aligns with Octopus Energy's broader strategy to scale its green energy operations in France, its largest renewable generation market in continental Europe. The company plans to invest over €1 billion into the country's clean energy infrastructure by the end of 2025, with several deals already in the pipeline.
In addition to this acquisition, Octopus has been selected by the French government to participate in the country's upcoming offshore wind tender. This marks a new milestone for the company, which recently acquired Sungen 10, a portfolio of over one hundred rooftop solar projects on French farms, and is planning further rooftop solar installations with local partners.
Zoisa North-Bond, CEO of Octopus Energy Generation, remarked: “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, added: “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, CEO of OX2, expressed confidence in the future of the acquisition, stating: “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 Octopus' Sky fund (ORI SCSp). I wish them the best of luck.
The acquisition, made through Octopus' Sky fund (ORI SCSp), marks the fund's first investment into a French developer and underscores Octopus Energy's commitment to accelerating Europe's transition to renewable energy. This move is the latest in a series of collaborations between Octopus and OX2, including previous wind farm acquisitions in Sweden.
