UK-based energy group Octopus Energy has acquired French agrivoltaics (agriPV) developer OX2 France from OX2 AB.
The acquisition is part of the company’s plan to invest over €1 billion (US$1 billion) in French clean energy by the end of 2025. The company said that more deals in the French market are in the pipeline.
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Currently, the French agriPV developer has a pipeline of 21 projects – primarily agriPV – with a combined capacity of 450MW across the French regions of Nouvelle-Aquitaine, Centre-Val de Loire and Auvergne-Rhône-Alpes.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “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.”
The acquisition was made through Octopus’ Sky fund (ORI SCSp) and marks the fund’s first investment into a French developer. However, it is not the first entry in the French market for Octopus Energy, which acquired a portfolio of rooftop solar PV from French solar producer Eleco in July 2024. The two companies aim to build up to 100MW of new rooftop PV in France by 2030.
OX2 was acquired in October by Investment firm EQT through its EQT Infrastructure IV fund. At the time of the acquisition, EQT sought to transition the company from a project developer to an independent power producer (IPP) that develops and owns projects.
