Octopus Investments has made its first move into the network sector after agreeing to provide a multi-million-pound loan facility to Eclipse Power.
The independent distribution network operator will use the funding to expand its operations and make further investments in infrastructure.
Gary Gay, founder and managing director of Eclipse Power, said: “We are very excited to be working with Octopus, a leading investor within the UK renewable energy and development capital sectors.
“Their financial backing and expertise provide us with the perfect partner to enable the business to develop and achieve our ambitions of becoming a leading independent distribution network operator”.
Matt Setchell, co-head of energy investments at Octopus, added: “This investment provides Octopus with access to a fast-changing part of the UK energy system’s value chain and further underlines our commitment to supporting the progress of the energy transition, whilst providing substantial and stable returns for our investors.
“We are also excited about Eclipse Power working with many of the different parts of Octopus to drive growth including property, transport and healthcare, whose need for timely and cost-efficient connections is fundamental to their business models.”