Zestec is establishing a pipeline of approximately 160 MW of new UK solar energy that will be delivered via power purchase agreements to the organisations hosting the solar panels (PPA). This would enable SMEs, public sector organisations such as schools and local governments, as well as major enterprises, to profit from self-generated green electricity without bearing the expense of the solar system’s installation.
Through a fund administered by Octopus Energy Generation, approximately 100 projects ranging from 100 kW to 7 MW will be constructed by 2027. The amount of renewable energy produced is comparable to removing 40,000 gasoline-powered vehicles from the road, hence reducing gas use and pollution.
Octopus is one of Europe’s major investors in renewable energy and has made solar investments since 2010. The agreement expands on Octopus’ current collaboration with Zestec, which was unveiled last year in an effort to rapidly expand UK solar assets. The acquisition of Zestec will increase the solar assets managed by Octopus by up to 11%.
This is the most recent in a series of arrangements by Octopus to promote the generation of new green energy in the United Kingdom. Specifically, the team invests in solar and storage firm Exagen, floating offshore wind developer Simply Blue, and onshore wind developer Wind2 on behalf of the funds it administers.
The CEO of Octopus Energy Generation, Zoisa North-Bond, remarked, “There is a tremendous untapped possibility in the United Kingdom to create more inexpensive green electricity from the rooftops of enterprises. This sector is expanding rapidly and will contribute to greater energy security, cheaper energy costs, and carbon emission reductions for businesses.
Simon Booth, the chief operating officer of Zestec, stated, “Having worked with the team at Octopus over the past two years, it has been evident that we share a desire to expand in this dynamic segment of the renewable energy industry.” Importantly, there is a common philosophy, a focus on the customer, and a commitment to quality that produces the desired results for everybody.
