Octopus Energy Generation, a renewable investment company, has acquired agrivoltaics developer OX2 France from OX2 AB. The acquisition was made through Octopus’ Sky fund (ORI SCSp), marking its first investment into a French developer.
OX2 France is a company that specializes in agrivoltaics, combining solar energy generation with agriculture to maximize land use and help increase biodiversity.
Through this acquisition, Octopus Energy Generation expects to strengthen its presence in the French renewable market. It has a pipeline of 21 projects in the works across Nouvelle-Aquitaine, Centre-Val de Loire, and Auvergne-Rhône-Alpes.
According to the company, if all projects in the current pipeline are built, the investment should allow the company to develop close to 500 MW of capacity in France by 2031. The company also has plans to invest over €1 billion (~$1 billion) into the country’s clean energy infrastructure by the end of 2025.
Last year, Octopus Energy acquired Sungen 10 from ELECO, adding 100 rooftop solar projects on French farms to its portfolio.
“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 the Octopus’ Sky fund (ORI SCSp), managed by Octopus Energy Generation. I wish them the best of luck.”, said, Paul Stormoen, CEO OX2.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, there were 62 solar M&A transactions in 9M 2024 compared to 75 in 9M 2023.
Recently, LS Power, a developer, owner, operator, and investor in power generation and electric transmission infrastructure announced the acquisition of the Algonquin Power & Utilities renewable energy business. With this acquisition, LS Power will expand its renewable energy portfolio.
