Octopus Renewables, the specialist clean energy investor arm of Octopus Group, has announced the acquisition of a 9.1MW portfolio of operational residential UK rooftop solar assets. The deal builds on Octopus Renewables’ leading position in the UK solar sector and will complement its existing rooftop solar portfolios in the UK and France.
The newly acquired solar assets cover more than 2,700 rooftops situated across the UK, with a significant proportion concentrated in Manchester and Birmingham. The asset will provide the equivalent CO2 saving of removing close to 8,000 petrol or diesel cars from the road.
The deal is the second deployment from the £185 million Renewable Energy Income Partnership III (REIP III), following the recent acquisition of two UK onshore wind farms with a combined capacity of 16.8MW. REIP III is an institutional mandate that was announced earlier this year and is closed for further investment.
Over the last decade, Octopus Renewables has grown to become the largest commercial solar energy investor in Europe, as well as a leading UK investor in onshore wind and biomass, managing more than £3 billion in renewable energy assets.
Peter Dias, Investment Director at Octopus Renewables, said:
“This acquisition is an exciting step for the team and great addition to the sizable commercial rooftop solar portfolio that we currently manage across the UK and in France. Given our established track record in the UK solar market, this was a logical next step as we build on our leading position in the European solar market and look to further expand our activity in solar rooftops.”
About Octopus Renewables
Octopus Renewables, part of Octopus Group, is a specialist clean energy investor and our mission is to accelerate the transition to a future powered by renewable energy. We have a diverse portfolio of assets with a capacity of over 2.6GW, making us the largest commercial solar investor in Europe and a leading UK investor in onshore wind. Octopus is also leading the next wave of renewables being built across Europe and Australia without government subsidies. We believe there is a significant opportunity to unblock much needed investment by building bespoke portfolios of renewable assets at scale, across technologies and countries, to create better outcomes for our investors.
About Octopus Group
Octopus is a group of innovative, entrepreneurial businesses investing in the people, ideas and industries that will help to change the world. We are experts in financial services and energy, and we care as much about the impact our investments as the returns they generate. Today we manage more than £8.6* billion on behalf of retail and institutional investors. Our energysupply business is one of the fastest growing companies in the UK, reaching 1.5 million customers in just four years, and is the only supplier to be recommended by Which? three years in a row.
Octopus Energy, Octopus Investments, Octopus Renewables, Octopus Real Estate, Octopus Ventures, Octopus Wealth and Seccl Technology are all part of Octopus Group. Visit octopusgroup.com.
