OX2 France acquired by Octopus Energy

During the last months OX2 has had discussions with a number of investors about different opportunities to optimize the value creation of our French portfolio.

“There has been considerable interest in acquiring both the organization and the portfolio. It is of course sad to part with the French team, but I am confident that the team and portfolio will have a successful future with such a prominent pan-European financial investor. I wish them the best of luck.” says Paul Stormoen, CEO OX2.

Octopus will take over 15 employees, and a portfolio of 21 projects with a total of 450 MW, primarily within agrivoltaics which combines solar energy generation with agriculture.

“With the support of the OX2 AB teams, OX2 France has been able to grow and develop high-quality solar projects over the last few years. Now we are very excited and proud to be joining Octopus’s Sky fund (ORI SCSp), managed by Octopus Energy Generation, as we embark on an exciting new chapter. This partnership will enable us to further develop and operate our solar projects, advancing our mission to provide renewable green energy to France,” says Eric Bonnaffoux, Country Manager of Veles Energies.

The acquisition was made through Octopus’ Sky fund (ORI SCSp). It marks the fund’s first investment into a French developer.

“France is a shining market for us as we continue to scale renewable energy across Europe. Veles Energies are leading the way in agrivoltaics, proving that solar power and agriculture can thrive together for a cleaner future. By joining forces, we are one step closer to creating more sustainable energy solutions for millions of people in France and beyond,” says Zoisa North-Bond, CEO of Octopus Energy Generation.

This deal also marks the latest in Octopus Energy Generation’s work with OX2, including acquiring wind farm projects from OX2 in recent years in Sweden.