Eclipse Power secures long term funding deal with Octopus
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. 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.
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”.
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”.
For journalists in their professional capacity only. The value of an investment, and any income from it, can fall as well as rise. Investors may not get back the full amount they invest. Personal opinions may change and should not be seen as advice or a recommendation. We do not offer investment or tax advice. We recommend investors seek professional advice before deciding to invest. Issued by Octopus Investments Limited, which is authorised and regulated by the Financial Conduct Authority. Registered office: 33 Holborn, London, EC1N 2HT. Registered in England and Wales No. 03942880. Issued: January 2019.