Octopus Energy one of the UK’s most successful start-ups is to become a full-service, end-to-end power supplier following the acquisition of 300 green energy projects with its sister company.
The unicorn is to take over Octopus Renewables, which will add £3.4bn of renewable generating capacity and a combined capacity of 2,800Mw in six countries.
Octopus Renewables generated enough electricity last year to power 1.2mln homes, said Octopus Energy Group (OEG).
The acquisition is part of a plan to supply 50mln homes by 2027, OEG added, and follows its first steps into generation in January when it acquired two wind turbines.
Greg Jackson, OEG chief executive, said that he was thrilled to be bringing the supply and generation side of energy together under one roof.
“This move will allow us to create a business that is unrivalled on the global stage,” Jackson added.
Jackson, who owns a 7.4% stake in Octopus Energy, is one of the UK;s most successful green entrepreneurs with a paper fortune of £115mln after the business was valued at £2bn in a funding round last year.
Among the Renewables projects are rooftop solar assets in Manchester and Birmingham and windfarms in South Lanarkshire and Northamptonshire.
OEG also has a software platform that it leases to other suppliers to help them supply ‘smart ‘renewable energy.