Octopus Energy expands into French agrivoltaics with acquisition of OX2 France

Octopus Energy Generation, a leader in renewable energy investment, has marked a significant milestone in its green energy ambitions with the acquisition of OX2 France from OX2 AB. The deal, finalized on January 15, 2025, positions Octopus Energy as a dominant force in France‘s renewable energy landscape, particularly in the agrivoltaics sector, which integrates solar power generation with agricultural practices.

This acquisition, facilitated through Octopus’ Sky fund (ORI SCSp), includes OX2 France’s team of 15 employees and a robust pipeline of 21 solar projects, collectively aiming to generate 450 MW of clean energy. The strategic move is a testament to Octopus Energy’s commitment to investing €1 billion in France’s renewable energy sector by the end of 2025.

Why Did Octopus Energy Acquire OX2 France?

The acquisition of OX2 France aligns with Octopus Energy’s mission to scale renewable energy solutions across Europe. By entering the French market, the company aims to enhance its capacity for developing innovative energy projects, particularly agrivoltaics.

Agrivoltaics, a technique that combines solar energy production with sustainable agriculture, is a key focus for OX2 France. The approach optimizes land use by enabling solar panels and crops to coexist, promoting biodiversity and supporting local farmers. The acquired projects, located in regions such as Nouvelle-Aquitaine, Centre-Val de Loire, and Auvergne-Rhône-Alpes, underscore Octopus Energy’s dedication to green energy innovations.

Zoisa North-Bond, CEO of Octopus Energy Generation, highlighted the significance of this deal, stating:

“France is a shining market for us as we continue to scale renewable energy across Europe. OX2 France has been leading the way in agrivoltaics, proving that solar power and agriculture can thrive together for a cleaner future. By joining forces, we are one step closer to creating more sustainable energy solutions for millions of people in France and beyond.”

What Does This Acquisition Mean for France’s Renewable Energy Market?

France has emerged as a critical player in Europe’s renewable energy sector, offering a favorable regulatory environment and ambitious carbon neutrality targets. The acquisition of OX2 France strengthens Octopus Energy’s foothold in the French market and advances the country’s transition to sustainable energy sources.

The 21 projects included in the deal aim to double Octopus Energy’s renewable energy capacity in France, targeting 500 MW by 2031. With this expansion, Octopus Energy is poised to significantly impact France’s clean energy goals, particularly in rural areas where agrivoltaic solutions can transform underutilized land into energy hubs.

Eric Bonnaffoux, Country Manager of Veles Energies (formerly OX2 France), emphasized the potential of this partnership:

“With the support of the OX2 AB teams, OX2 France has been able to grow and develop high-quality solar projects over the last few years. This partnership with Octopus will enable us to further develop and operate our solar projects, advancing our mission to provide renewable green energy to France.”

How Will This Acquisition Shape Octopus Energy’s Future?

The deal represents a strategic expansion for Octopus Energy, which has been steadily increasing its presence across Europe. France is now its largest green energy market in continental Europe, reflecting the company’s long-term commitment to the region.

In addition to the acquisition of OX2 France, Octopus Energy has secured a place in the French government’s offshore wind tender, signaling its broader ambitions in diverse renewable energy projects. The company also recently acquired Sungen 10, a portfolio of over 100 rooftop solar projects on French farms.

The €1 billion investment plan is part of Octopus Energy’s effort to create a comprehensive renewable energy ecosystem in France, spanning solar, wind, and agrivoltaics. These efforts are expected to accelerate the transition to clean energy and support France’s goal of achieving carbon neutrality by 2050.

Paul Stormoen, CEO of OX2 AB, expressed optimism about the acquisition:

“There has been considerable interest in acquiring both the organization and the portfolio. While parting with the French team is bittersweet, I am confident they will thrive under Octopus Energy, a prominent pan-European financial investor.”

What’s Next for Agrivoltaics and Renewable Energy in France?

The acquisition underscores the growing importance of agrivoltaics in Europe’s energy transition. By combining solar energy production with agricultural practices, agrivoltaics offers a dual benefit: generating renewable energy while supporting local farming communities.

Octopus Energy’s acquisition of OX2 France is expected to serve as a blueprint for similar initiatives across Europe. With a focus on innovation, sustainability, and collaboration, the company is well-positioned to lead the charge in developing integrated renewable energy solutions.