Octopus Investments has signed a long-term funding deal with Eclipse Power, which will allow the independent DNO to expand.
The multi-million-pound investment is Octopus Investment’s first in the network sector. Eclipse Power was founded in June 2015 and was granted a licence in September 2016. It began trading in 2018 and has more than 1,000 customers throughout the UK. It plans to connect more than 25,000 customers over the coming years with Octopus’ investment intended to be utilised to secure additional networks.
Matt Setchell, co-head of energy investments at Octopus, said: “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”.