Octopus Energy Investments signs breakthrough French wind deal with global renewable energy company RES
Octopus Energy Investments, part of Octopus Group, has acquired the 18MW Roche Quatre Rivières wind farm from RES. The project was developed by RES who will also be responsible for the construction and asset management of the wind farm. The project sees Octopus expanding its existing French renewable energy portfolio from solar PV into onshore wind with additional acquisitions expected soon.
The successful acquisition of the project completes a recent trio of onshore wind successes for Octopus Energy Investments following the successful closing of its £344m landmark UK wind portfolio financing and the acquisition of 74MW across two unsubsidised wind farms in Finland. The acquisition is a further testament to Octopus’ significant European ambitions.
The project is also the third wind farm Octopus has acquired from RES and the first outside of the UK, further expanding the relationship.
Alex Brierley, Co-Head of Octopus Energy Investments, said:
“This acquisition is yet another sizeable addition to our expanding portfolio of European assets. The 18MW Roche Quatre Rivières diversifies our existing set of French renewable energy assets into onshore wind and is just the beginning of our ambitious acquisition plans. This will be the third wind farm we have acquired from RES and it is a real pleasure to continue working alongside them.”
Alexandre Zanger, Head of Project Finance & Acquisitions for RES in France, said:
“RES has already established a strong relationship with Octopus, however, this is the first project in France and, having operated in the country for 20 years, RES is perfectly placed to support any expansion ambitions Octopus may have. Our desire is to continue to develop our activities in wind, solar and storage alongside players such as Octopus who are committed to a zero-carbon future”.
Construction has already begun, and the wind farm is expected to be in commercial operation by late 2019.
Octopus’s latest move into France and recent investment in Finland builds on the company’s track record in Europe and Australia, where it has attracted significant retail and institutional funds since entering the UK renewables market in 2010. Since then, Octopus has accelerated the growth of local renewables markets by providing flexible funding opportunities to support the development, construction and long-term management of assets.
This press release is issued by Octopus Investments Limited which is authorised and regulated by the Financial Conduct Authority. The information contained within this document does not constitute an offer or inducement to participate in a collective investment scheme, alternative investment fund or any other financial product and may not be treated as an offer or inducement in any jurisdiction where such an offer or inducement is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The value of investments, and the income from them, may fall or rise. The information in this document should not be construed as offering investment or tax advice. Issued May 2019.