Octopus Energy Group’s generation arm has acquired Zestec Renewable Energy, a U.K. solar developer and asset manager.
Zestec is developing a pipeline of more than 160 megawatts of new U.K. solar energy that will be sold to organizations hosting the solar panels via power-purchase agreements (PPA). This will allow SMEs — public-sector organizations such as schools and local councils, as well as large corporations — to benefit from self-generated green power without footing the cost of the installation of the system.
More than 100 projects will be built by 2027 through a fund managed by Octopus Energy Generation, ranging from 100 kilowatts to 7 megawatts. The clean energy generated will help reduce gas reliance and emissions, and is the equivalent of removing 40,000 cars from the road.
The deal builds on Octopus’ existing partnership with Zestec, which formed to rapidly grow U.K. solar assets.
“There’s a significant untapped opportunity in the U