Octopus Renewables furthers presence in electricity distribution with acquisition of Eclipse
Octopus Renewables, the specialist clean energy investor arm of Octopus Energy Group, has announced the acquisition of Eclipse Power Limited (“Eclipse”), one of the UK’s licensed Independent Distribution Network Operators (“IDNO”).
The deal, which was completed with investment from funds managed by Octopus, furthers Octopus’ involvement in the electricity distribution sector, having provided funding to Eclipse in 2018. It will allow Eclipse to continue the expansion of its team, while also investing in its systems, technology, and pipeline, with the ambition of making it one of UK’s leading IDNOs.
Since commencing operations in 2018, Eclipse has secured a portfolio of more than 10,000 connections across residential, industrial, and commercial, battery storage and electric vehicle charging customers. Given the focus on electrification of heat, transport and industry in the UK, Eclipse is expected to play an important role in facilitating the UK’s energy transition.
Octopus Renewables is the largest investor of utility scale solar power in Europe, as well as a leading investor in onshore wind and biomass, managing a global portfolio valued at more than £3.5 billion.
Peter Dias, Investment Director, Octopus Renewables, comments:
“Having worked with Eclipse since 2018 and seeing their exciting growth, we’re thrilled to be able to make this acquisition and support the team to maintain this momentum.
“The acquisition of Eclipse is part of our strategy to identify and back great management teams that are supporting the energy transition. With ongoing support and investment, our investee businesses will have access to the expertise, business networks and financing to be able to scale faster and help contribute towards the UK’s net-zero goals.
“High-quality management of the distribution networks is going to be critical for the UK in coming years, and we are very pleased to be directly supporting the decarbonisation of heat, transport, and industry through this investment in Eclipse.”
Gary Gay, Managing Director, Eclipse, added:
“Octopus share with us a clear understanding of the important role that electricity distribution networks will play in the UK’s drive towards net-zero. Their team recognise the significance of a customer-focussed approach to working with clients to build smart distribution networks of the future.
“With that, we are excited to now be part of the Octopus Group, with this investment helping us to reach the next stage of our growth journey and contribute to a greener, more efficient electricity network in the UK.”
About Octopus Renewables
Octopus Renewables, part of Octopus Group, is a specialist clean energy investor. Launched in 2010 its mission is to accelerate the transition to a future powered by renewable energy. It has a diverse portfolio of assets with a capacity of over 2.8GW, making it the largest commercial solar investor in Europe and a leading investor in onshore wind.
Octopus is also leading the next wave of renewables being built across Europe and Australia without government subsidies. 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’re also a certified B Corp, meaning we care as much about the impact of our investments as the returns they generate. Today we manage more than £10* billion on behalf of retail and institutional investors. Our energy supply business is one of the fastest growing companies in the UK, reaching 2 million customers in just four years, and is the only supplier to be recommended by Which? three years in a row.
Octopus Energy, Octopus Giving, Octopus Moneycoach, Octopus Investments, Octopus Renewables, Octopus Real Estate, Octopus Ventures, Octopus Wealth and Seccl Technology are all part of Octopus Group. Visit octopusgroup.com.
*Includes funds under advisory mandates and the Octopus Cash service as of 31st March 2021.