Octopus Energy acquires UK solar developer

LONDON (Reuters) – Octopus Energy Group’s generation arm has acquired British solar power developer Zestec Renewable Energy to build more than 100 rooftop solar projects, the company said on Friday.

Zestec is developing a pipeline of more than 160 megawatts (MW) of solar capacity to allow businesses and public sector organisations to benefit from self-generated renewable power.

Through a fund managed by Octopus Energy Generation, 100-plus projects will be built by 2027. The renewable energy generated will help to reduce emissions and is the equivalent of taking 40,000 petrol cars off the road, Octopus Energy said.

Financial details of the deal were not disclosed.

(Reporting by Nina Chestney; Editing by David Goodman)