Octopus Renewables snaps up 9.1MW UK rooftop solar portfolio
Octopus Renewables has boosted its UK solar portolio after snapping up 9.1MW of residential rooftop solar assets spread across the UK.
The new solar assets span more than 2,700 rooftops across the UK, with a signficant proportion in Manchester and Birmingham, according to the UK clean energy investor, which estimates carbon savings from the portfolio quivalent to removing close to 8,000 petrol or diesel cars from the road.
Octopus Renewables - which forms part of the Octopus Group alongside green power supplier Octopus Energy and several investment and real estate arms - now manages more than £3bn in clean energy assets, and claims to be the largest commercial solar energy investor in Europe.
Peter Dias, investment director at Octopus Renewables said that the latest deal was "an exciting step" for the firm, adding to its growing rooftop solar portfolio across both the UK and France. "Given our established track record in the UK solar market, this was a logical next step as we build on our leading position in the European solar market and look to further expand our activity in solar rooftops," he said.
The firm was advised by Spring Park Capital, Osborne Clarke and Everoze on the transaction.
It marks the second acquisition the clean energy investor's £185m Renewable Energy Income Partnership 3 (REIP 3) fund, following its purchase last week of two operational onshore wind farms in South Lanarkshire and Northamptonshire with a combined capacity of 16.8MW.