Octopus Vitality, beneath its technology arm, has acquired UK photo voltaic developer Zestec Renewable Vitality to help the deployment of photo voltaic on the roofs of British companies.
The photo voltaic developer will construct greater than 100 initiatives throughout the UK by 2027 with them starting from between 100kW to 7MW. In doing so, Zestec’s photo voltaic portfolio shall be extra diversified and contribute to the launch of photo voltaic applied sciences throughout the UK.
The corporate is claimed to be within the strategy of growing a pipeline of greater than 160MW of recent UK photo voltaic vitality to be offered to organizations via energy buy agreements (PPA).
This can permit small and medium companies, public sector organizations reminiscent of colleges and native councils, in addition to giant companies to profit from self-generated photo voltaic vitality.
“Having labored with the Octopus group over the previous two years, it has develop into clear that we now have a shared ambition to scale this thrilling sector of the renewable vitality market. Most significantly, there’s a shared ethics, consumer focus and a focus to high quality that ship the correct outcomes for everybody,” mentioned Simon Sales space, chief working officer of Zestec.
The acquisition builds on a earlier settlement between the 2 corporations, signed in 2021, to offer greater than £100 million of recent UK photo voltaic belongings. The funds shall be used to construct rooftop photo voltaic and personal wire ground-mount methods.
The deal can even enhance Octopus’ complete photo voltaic belongings owned by 11%.
“There’s a vital untapped alternative within the UK to generate cheaper inexperienced energy from enterprise rooftops. This house is rising quickly and it’ll assist carry extra vitality safety and decrease payments of vitality, all whereas permitting corporations to cut back their carbon emissions,” mentioned Zoisa North-Bond, CEO of Octopus Vitality Technology.
Octopus Vitality additionally obtained a lift this week with the approval of its acquisition of Bulb after the provider was positioned beneath Particular Administration as a result of vitality disaster.
A judicial evaluate was launched following Octopus Vitality’s profitable bid to combine Bulb providers into its personal providing, which at present covers 1.5 million prospects. This has been authorised by the Excessive Court docket and subsequently Octopus will now be allowed to combine Bulb earlier than midnight on 20 December 2022, Bulb confirmed.
Commenting on the settlement, a spokesperson for Octopus Vitality mentioned: “The Excessive Court docket has rightly given the inexperienced gentle for the switch to go forward in December. Taxpayers shall be saved from thousands and thousands – even billions – in prices which might be eliminated if the method is dragged.
“That is optimistic information for Bulb’s prospects and employees and begins to place an finish to many monetary revelations for the federal government and taxpayers.”