Octopus Energy acquires UK rooftop solar developer Zestec

UK energy supplier Octopus Energy Group said Friday its generation arm has acquired solar developer Zestec Renewable Energy, which is developing a pipeline of more than 160 MW of solar projects on corporate rooftops in the UK.

A fund managed by Octopus Energy Generation will help Zestec build more than 100 projects, between 100 kW and 7 MW in size, by 2027. This will expand Octopus’ managed solar assets by up to 11% by that year.

The solar projects will sell their electricity under power purchase agreements (PPA) to the entities hosting them, which can be small and medium enterprises, public sector organisations like schools and local councils, or large corporations.

The acquistion follows a partnership between the parties announced last year.

“There’s a significant untapped opportunity in the UK to generate more cheap green power from businesses' rooftops,” said Octopus Energy Generation chief executive Zoisa North-Bond. “This space is fast-growing and it’ll help bring more energy security and lower energy bills, all while allowing companies to reduce their carbon emissions,” added North-Bond.

Octopus said this is its latest deal to help boost green power generation in the UK. Through funds it has invested in solar and storage developer Exagen, floating offshore wind developer Simply Blue and onshore wind developer Wind2.

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