Octopus Energy’s green generation arm has acquired agrivoltaics developer OX2 France from OX2 AB through Octopus’ Sky fund (ORI SCSp) where Nest is the cornerstone investor.
OX2 France is an agrivoltaic developer, a technology which combines combining solar energy with agriculture.
There are 21 projects in the pipeline and if all get built the investment aims to double its current capacity to 500 megawatts in France by 2031.
The deal, which includes OX2 France’s entire team, also marks the latest in Octopus Energy Generation’s work with OX2, including the acquisition of wind farm projects from OX2 in Sweden.
Octopus’ green energy business in France is its largest green generation market in Europe. By the end of 2025, the company plans to invest over €1 billion in the country’s clean energy infrastructure.
The French government has also selected it to participate in the country’s upcoming offshore wind tender.
Octopus Energy Generation CEO Zoisa North-Bond says: “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.”
Veles Energies country manager Eric Bonnaffoux says: “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. Now we are very excited and proud to be joining Octopus’s Sky fund (ORI SCSp), managed by Octopus Energy Generation, as we embark on an exciting new chapter. This partnership will enable us to further develop and operate our solar projects, advancing our mission to provide renewable green energy to France.”
OX2 CEO Paul Stormoen says: “There has been considerable interest in acquiring both the organization and the portfolio. It is of course sad to part with the French team, but I am confident that the team and portfolio will have a successful future with such a prominent pan-European financial investor such as the Octopus’ Sky fund (ORI SCSp), managed by Octopus Energy Generation. I wish them the best of luck.”