Octopus Energy Acquires OX2’s Agrivoltaic Operations in France, Targets 500 MW by 2031

Octopus Energy Generation, through its Octopus Sky Fund, has successfully acquired the French operations of Swedish agrivoltaic developer OX2. This marks the fund’s first investment in a French developer. Paul Stormoen, CEO of OX2, expressed bittersweet sentiments about the deal, stating, “We are of course sad to part ways with the French team, but I am confident that the team and portfolio will have a successful future with such a strong pan-European financial investor.”

The acquisition includes 15 employees and a portfolio of 21 ongoing agrivoltaic projects located in Nouvelle-Aquitaine, Centre-Val de Loire, and Auvergne-Rhône-Alpes, with a combined capacity of approximately 450 MW. The portfolio will now be managed by Octopus, which aims to accelerate its expansion in France.

Zoisa North-Bond, CEO of Octopus Energy Generation, highlighted the strategic importance of the French market, stating, “France is a promising market for us, as we continue to develop renewable energies across Europe.” With the completion of all projects, Octopus could achieve nearly 500 MW of capacity in France by 2031, more than doubling its current capacity.

Octopus Energy Generation plans to invest over €1 billion in green energy infrastructure in France by the end of 2025, with several additional transactions already in progress. This acquisition follows the company’s purchase of Sungen 10, a portfolio comprising over a hundred solar projects on French farms.