Octopus Renewables has acquired the independent distribution network operator (IDNO) Eclipse for an undisclosed sum.
Octopus said the deal was part of its strategy to back a more diverse range of businesses involved in the energy transition.
Since launching in 2018, Eclipse has built a portfolio of more than 10,000 connections across residential, industrial, commercial, battery storage and electric vehicle charging customers.
Peter Dias, investment director at Octopus Renewables said: “Having worked with Eclipse since 2018 and seeing their exciting growth, we’re thrilled to be able to make this acquisition and support the team to maintain this momentum.
“The acquisition of Eclipse is part of our strategy to identify and back great management teams that are supporting the energy transition. 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.
“High-quality management of the distribution networks is going to be critical for the UK, and we are very pleased to be directly supporting the decarbonisation of heat, transport, and industry through this acquisition of Eclipse.”
Gary Gay, managing director of Eclipse, added: “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. Its team recognise the significance of a customer-focussed approach to working with clients to build smart distribution networks of the future.
“With that, we are excited to now be part of the Octopus Group, with this investment helping us to reach the next stage of our growth journey and contribute to a greener, more efficient electricity network in the UK.”
In March Octopus Renewables was acquired by its sister company Octopus Energy. The former’s £3.5 billion of assets will eventually come under a new business arm called Octopus Energy Generation. This will still ultimately sit under the umbrella of the Octopus Group.
The deal was given FCA approval at the start of this month.