Octopus Renewables has agreed to purchase 9 wind energy farms in the UK, France and Ireland from RES Group for USD 110 million
Octopus Renewables has agreed to purchase nine wind energy farms in the UK, France and Ireland from RES Group for a reported fee in the region of GBP 100 million (USD 110 million).
As per the company statement, six of the nine wind farms are located in France, which the firm describes as a “key location” for renewable energy. One project is in the UK, while the remaining two projects are in Ireland, the company’s first acquisition and project in the country. This means that Octopus now owns onshore wind assets in four countries across Europe, providing further diversification for its investors. Some of the wind farms are already operational, with others under construction.
This is the fifth deal that has taken place between Octopus Renewables and RES Group since 2015, with the companies also looking to repower their sites in France and other areas. With this deal Octopus now brings its onshore wind portfolio to 21 sites across four countries, with a total combined capacity of 470 MW, making the company one of the largest non-utility investors in renewable energy in Europe.
RES will continue to handle the construction, asset management and operation and maintenance of the wind farms, in line with the ambitious development of its support services.
Alex Brierley, co-head of Octopus Renewables, said that this is a further stride for Octopus into the European wind market, mirroring its strength in solar. With these assets, the firm significantly expanded its onshore wind footprint in France, which continues to be highly attractive as a destination for investment in renewable energy. Likewise, the favourable support regime in Ireland and the potential for further renewable capacity made it a natural target market for us.
“RES’s experience in the French market for over 20 years has been invaluable. We pride ourselves on developing strong relationships with co-developers and we’re looking forward to working with RES to explore repowering the operational French assets we’ve acquired, taking advantage of a favourable regulatory environment,” he added.