British start-up Octopus Energy will soon hold the title of the biggest renewable energy investor in Europe after securing a deal worth over £3 billion which is poised to deliver clean energy to over 50 million properties in the coming six years.
The company will be buying its sister brand, Octopus Renewables, in an agreement that will transfer around 300 renewable power projects to Octopus Energy. These projects are dotted across six countries and together will generate enough clean energy to power over 1.2 million homes.
The energy supplier is growing fast and keen to evolve its international portfolio as part of plans to win 50 million customers across its energy portfolio by 2027. It also plans to grow its renewable project division to generate as much green energy as it then sells.
Octopus won the attention of investors last year for hitting 'double unicorn' figures - a term that describes new start-ups worth $1 billion or more. After just five years of supplying electricity and gas from renewable sources, investors valued the business at over $2 billion.
The CEO and founder of Octopus Energy, Greg Jackson, said that the new deal would create a company without a global rival by combining the brand's unique digital platform with Octopus Renewables' investment expertise. He added that he expects the deal to revolutionise the energy lifecycle overall, ensuring that the green economy's transition was realised at speed.
Octopus was created 21 years ago, and it owns a series of solar and wind projects in the UK, including rooftop solar installations in Birmingham and Manchester. Octopus has also struck deals with large utility firms in Japan and Australia to use its bespoke 'elect tech' software, which offers smart and integrated tariffs to make renewable energy less expensive for customers.