January 28 (Renewables Now) - UK onshore renewables investor Octopus has made a “multi-million-pound” investment in Eclipse Power, a licensed Independent Electricity Distribution Network Operator (IDNO) regulated by Ofgem.
This is the first investment by Octopus in the network operator sector. The company noted that IDNOs such as Eclipse Power have the potential to be key players in enabling electrified heating and vehicle charging in an industry that continues its transition towards clean energy.
“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,” said Matt Setchell, Co-Head of Energy Investments at Octopus.
Eclipse Power is expected to connect over 25,000 customers over the coming years. It will use Octopus’ backing to secure additional networks, according to the announcement.