Octopus Renewables, a UK-based renewable energy company, has signed an agreement to acquire wind farms in the UK and Europe. The wind farms are based in the UK, Sweden, France, and Finland. Octopus Renewables has entered into an agreement with Swedish energy company OX2 to acquire a 31.5 MW onshore wind farm in Sweden. An unidentified seller in Finland has sold the company two onshore wind farms with a total capacity of 71.4 MW.
Furthermore, Octopus has also acquired a 14.1 MW wind farm in France and is partnering with Wind 2 to build nine onshore wind farms in the UK. The overall capacity of the UK’s onshore wind facilities is approximately 570 MW. Over the following ten years, these onshore wind farms would expand Octopus Renewables’ renewable energy producing capacity in these four locations by 690 MW. The financial terms of any of the deals have not been disclosed by Octopus Renewables.
In September 2021, Octopus Energy Group entered into a strategic partnership with Generation Investment Management for an additional investment of $600 million. This would increase Octopus Energy Group’s valuation to $4.6 billion post-deal. In exchange for its investment, Generation Investment Management would receive up to 13 per cent of the equity stake. The deal also entails an equity investment of approximately $55 million from Origin Energy.
REGlobal’s Views: Deals have long been a popular way for developers to expand their renewable energy portfolios quickly. These latest deals for wind projects will help Octopus add close to 690 GW of capacity across Europe.