Long Term Funding Deal with Octopus Investments Secured
Eclipse Power is pleased to announce the completion of a long-term funding deal with Octopus Investments, which will allow the company to expand its operations and provide further investment into the UK’s electricity grid infrastructure.
Octopus has provided a multi-million-pound investment, its first in the network operator sector, to support Eclipse Power’s aims of becoming one of the UK’s leading Independent Electricity Distribution Network Operators (IDNO). As the UK energy sector continues its transition towards the clean energy system of the future, IDNOs have the potential to play an important role in enabling electrified heating and vehicle charging through cost-efficient grid reinforcement whilst fulfilling the aims of the Smart Systems and Flexibility Plan.
Eclipse Power is projected to connect more than 25,000 customers over the coming years with Octopus’ investment intended to be utilised to secure additional networks.
Gary Gay, Managing Director and Founder of Eclipse Power said, “We are very excited to be working with Octopus, a leading investor within the UK renewable energy and development capital sectors. Their financial backing and expertise provide us with the perfect partner to enable the business to develop and achieve our ambitions of becoming a leading independent Distribution Network Operator”.
Matt Setchell, Co-Head of Energy Investments at Octopus commented, “We are delighted to be partnering with Eclipse Power, a company with a highly experienced management team who have a proven and successful track record in the energy network sector. This investment provides Octopus with access to a fast-changing part of the UK energy system’s value chain and further underlines our commitment to supporting the progress of the energy transition, whilst providing substantial and stable returns for our investors. We are also excited about Eclipse Power working with many of the different parts of Octopus to drive growth including property, transport and healthcare, whose need for timely and cost-efficient connections is fundamental to their business models”.
About Eclipse Power
Eclipse Power is a licensed Independent Electricity Distribution Network Operator (IDNO) regulated by Ofgem which owns and operates licensed electricity networks throughout the UK.
Eclipse Power was founded in June 2015, successfully gaining an operational licence in September 2016. The Company commenced trading in 2018 and today has more than 1,000 customers throughout the UK.
Eclipse Power are in direct competition with the incumbent DNOs and offer a more flexible and pro-active relationship with their clients.
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Octopus is the largest non-utility investor in onshore renewables in the UK, and the largest commercial solar player in Europe. Since 2011, the Energy Investments team has built market-leading positions as an investor and manager of solar, wind, biogas, biomass, landfill gas, and reserve power assets. Its mission is to address the inefficiencies of the energy market by offering smart technology-led solutions based on innovation and customer focus, helping to provide flexibility and decarbonise our energy system and our environment.
Octopus is a group of companies that invests in the people, ideas and industries that will help to change the world. We are experts in smaller companies, renewable energy and healthcare infrastructure. The Group currently has more than £8.6 billion of funds under management, £2.3 billion of which is on behalf of institutional clients. Octopus Investments, Octopus Healthcare, Octopus Ventures, Octopus Property, Octopus Energy and Octopus Labs are all part of Octopus Group. For more information, please visit http://www.octopusgroup.com