Octopus acquires solar developer Zestec

Octopus Energy Group’s generation arm announces the acquisition of UK solar developer and asset manager Zestec Renewable Energy to build cheap solar power on commercial roofs.

Zestec is developing a pipeline of over 160MW of new UK solar energy which will be sold to the organisations hosting the solar panels via power purchase agreements (PPA). This will allow SMEs, public sector organisations like schools and local councils, as well as large corporations to benefit from self-generated green power without the cost of the installation of the solar system.

Through a fund managed by Octopus Energy Generation, over 100 projects will be built by 2027, ranging from 100kW to 7MW. Acquiring Zestec will boost the solar assets Octopus manages by up to 11 per cent.

Octopus has recently invested in solar and storage developer Exagen, floating offshore wind developer Simply Blue, and onshore wind developer Wind2.

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