Posted By Global Banking and Finance Review
Posted on January 15, 2025
PARIS (Reuters) - Britain's Octopus Energy acquired on Wednesday the French business of Sweden-based OX2 that develops solar power plants on agricultural land, with Octopus planning to retain the French team and add to the current solar portfolio in development.
Delays in obtaining permits among other issues have caused France to lag other European countries in building solar farms over the past years, and recent turmoil in government has delayed a comprehensive national energy plan that could streamline the process.
Octopus Energy has a plan to spend more than 1 billion euros ($1.03 billion) in France's clean energy infrastructure by the end of 2025, with multiple deals in the pipeline, the press release on the acquisition said.
"We're acquiring their team and we will be working with them to further develop solar in France in the future," a spokeswoman for Octopus Energy told Reuters.
The acquired company had plans to develop 500 megawatts (MW) of solar energy generation in France by 2031, using agricultural land to host the solar panels, the press release said.
This marks Octopus' largest deal in France to date, and comes just after the purchasing of a portfolio of rooftop solar projects on top of French farms, the press release said.
Octopus Energy did not immediately comment on the cost of the acquisition.
($1 = 0.9699 euros)
(Reporting by Forrest Crellin, Editing by Louise Heavens)
