22 July 2021
•
2 min read
A wind turbine owned by Octopus Renewables' sister company Octopus Energy at Cefn Bach, Caerphilly | Credit: Octopus
Clean energy investor cements presence in energy networks sector two years after its first investment in Eclipse
Octopus Renewables, the clean energy investment arm of Octopus Group, has this morning announced it has purchased licensed independent distribution network operator (IDNO) Eclipse Power Limited.
The company said the deal would allow Eclipse, which manages 10,000 connections across residential, industrial, commercial, battery storage, and electric vehicle charging customers, to grow its team and invest in its systems, technology, and project pipeline.
The move comes more than two years after Octopus Renewables, then called Octopus Investments, made a multi-million-pound investment in Eclipse, in what was its first foray into the electricity networks sector.
Commenting on the deal, Octopus Renewables investment director Peter Dias said high-quality management of distribution networks was going to be "critical" as the electrification of the economy gathered pace over the coming years. "We are very pleased to be directly supporting the decarbonisation of heat, transport, and industry through this acquisition of Eclipse," he said.
Dias added the acquisition was part of the investor's broader plan to support companies driving the UK's net zero transition.
"The acquisition of Eclipse is part of our strategy to identify and back great management teams that are supporting the energy transition," Dias said. "With ongoing support and investment, our investee businesses will have access to the expertise, business networks and financing to be able to scale faster and help contribute towards the UK's net zero goals."
Gary Gay, managing director of Eclipse, said the acquisition would allow the IDNO to grow while delivering a more efficient and lower carbon electricity network across the UK.
"Octopus shares with us a clear understanding of the important role that electricity distribution networks will play in the UK's drive towards net zero," he said. "Its team recognise the significance of a customer-focussed approach to working with clients to build smart distribution networks of the future.
Eclipse was founded in 2015 and started trading in in 2018. The terms of the deal, which was completed with funds managed by Octopus, were not disclosed.
