Octopus Energy purchases OX2’s French solar unit in order to accelerate development

Octopus Energy, a British company, acquired the French division of OX2, a Swedish firm that builds solar power plants in agricultural areas. Octopus plans to retain its French team and expand the solar portfolio currently under development.

France has lagged behind other European countries when it comes to building solar farms in recent years. Recent turmoil in the government has also delayed the implementation of a comprehensive energy plan, which could have streamlined the process.

The press release announcing the acquisition stated that Octopus Energy plans to invest more than one billion euros ($1.03billion) in France’s clean energy infrastructure before the end of 2025. Multiple deals are in the pipeline.

Octopus Energy spokeswoman said: "We are acquiring their team, and will work with them in the future to develop solar in France."

According to the press release, the acquired company planned to generate 500 megawatts of solar energy in France by the year 2031 using agricultural land as a host for the solar panels.

The press release stated that this is Octopus’ largest deal to date in France, and follows the purchase of a portfolio rooftop solar projects atop French farms.

Octopus Energy has not commented on the price of the acquisition. ($1 = 0.9699 euro) (Reporting and editing by Forrest Crellin)

(source: Reuters)