Octopus Energy Generation, a British energy firm, has announced that it has acquired Zestec Renewable Energy, a solar developer and asset manager in the UK. Zestec has more than 160 MW of solar capacity in the country, which will be sold to the companies through power purchase agreements.
With the intention of rapidly expanding UK solar assets, Octopus and Zestec’s cooperation, which started in 2021, has been strengthened by the deal. In the next five years, it is anticipated that Octopus will manage up to 11 per cent more solar assets. By 2027, more than 100 projects with capacities ranging from 100 kW to 7 MW will be constructed supported by a fund administered by Octopus Energy Generation. These initiatives will assist in reducing reliance on gas and offset carbon emissions.
In November 2022, the UK Government authorised an agreement between Octopus Energy and Bulb in which Octopus would purchase 1.5 million of Bulb’s customers. After an extensive and competitive sale procedure, Bulb’s administrators completed the transaction. Reportedly, Bulb was placed under special administration in November 2021 after failing to secure funds because UK energy regulator Ofgem had banned the company from passing on the increased costs to users. In addition to its 1.5 million customers, Bulb’s 650 employees would join Octopus Energy.
