Octopus Energy’s generation arm has announced a significant solar investment that promises to save French farmers millions of euros while accelerating its renewable energy efforts in the country.
Acquisition and Partnership for Rooftop Solar
Through the acquisition of Sungen 10 from ELECO, Octopus has added 100 rooftop solar projects on French farms to its portfolio.
Additionally, Octopus will collaborate with ELECO and local partners to develop up to 100 MW of new rooftop solar projects on hundreds of French farms by 2030.
Free Storage Solutions for Farmers
The partnership entails constructing spacious sheds equipped with solar panels on farmers’ land. Farmers gain access to these new structures free of charge, providing them with valuable storage for equipment, vehicles, and hay.
This arrangement saves each farmer tens of thousands of euros they would have otherwise spent on building such facilities themselves.
Octopus’ Expansion in Rooftop Solar Across Europe
This latest investment follows a series of rooftop solar deals Octopus has secured across Europe, including in Portugal, Ireland, and the UK.
Made on behalf of the Sky fund (ORI SCSp) it manages, this investment reaffirms Octopus’ dedication to significantly boosting France’s renewable energy capacity. France currently boasts around 20 GW of solar capacity, with plans for further expansion.
A Key Step in Octopus’ €1 Billion French Clean Energy Plan
This deal represents a crucial step in Octopus’ broader plan to invest €1 billion in France’s clean energy market by 2025, making it their largest green generation market in continental Europe.
Octopus now manages 13 onshore wind farms, 14 solar farms, and numerous rooftop solar projects across France, with additional deals in development.
Earlier this year, the company also invested in Ocergy, an innovative player in the floating offshore wind sector with operations in France.
Driving Innovation and Customer Growth in France
This investment aligns with Octopus Energy Group’s broader efforts to drive innovation in France. Last year, it established a new European tech hub in Paris, utilizing its Kraken technology platform to support hundreds of clean energy jobs.
Its French energy supplier aims to reach 1 million customers by 2026, offering exceptional customer service and innovative solutions to reduce energy costs.
A Win-Win for Farmers and Clean Energy
Alex Brierley, Co-head of Octopus Energy Generation, expressed enthusiasm for the project, stating, “This is a win-win for farmers and Octopus Energy. By utilizing farm building roofs for solar panels, farmers receive free storage structures, and we can rapidly generate more clean power. Solar power consistently ranks as one of the cheapest sources of energy we can build. These innovative small-scale projects, distributed across the country, illuminate the future of renewable generation.”