Octopus Investments will provide multimillion pound backing to independent distribution network operator Eclipse Power. The firm will use the money to expand its operation and connect more customers to the grid, as well as enable EV charging infrastructure.
The move is strategic for the broader Octopus group, which has investments or operations across different aspects of the energy sector, including renewables, energy retail, flexibility, and electric vehicles.
“This investment provides Octopus with access to a fast-changing part of the UK energy system’s value chain … whilst providing substantial and stable returns for our investors,” said co-head of energy investments, Matt Setchell.
“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.”
Eclipse also has a generation business, developing gas peaking power plant.