RES and Octopus Renewables strengthen bond with new asset management contracts

RES and Octopus Renewables have signed a new agreement for the management of nine wind assets, a portfolio of 234.4MW.

Four of the nine are new sites to the RES portfolio, while the other five will continue to be managed by RES after the successful retendering of the projects. Takeover of the four new sites: Cour, Beinneun, Grange and Hillhead of Auquhirie is complete, and work has already started to identify asset enhancements to make the sites as efficient as possible.

News of the wins comes after RES and Octopus Renewables struck a number of agreements during 2020, including a spares management contract, and a number of other support services contracts (asset management, operations and maintenance) encompassing 503MW of Octopus’ renewables assets.

The latest agreement means RES, the world’s largest independent renewable energy company, now delivers asset management services for over 130 wind, solar and storage assets in the UK and Ireland, with an installed clean energy capacity in excess of 2GW.

Darren Cook, Asset Management Director at RES, said: “Our ongoing partnership with Octopus Renewables has been very successful and we’re pleased to be able to continue and extend this relationship with the retention and acquisition of more sites.

“We’ve got the skills, expertise and knowledge to manage all technical and commercial elements of projects as well as monitor some of the world’s most critical assets, and we expect to see our portfolio continue to expand as RES leads the way in asset management.”

Thomas Rosser, Asset Management Director at Octopus Renewables said: “Over the last five and a half years, we’ve built a strong relationship with RES, having been impressed with the level of skill and knowledge across the team. This is demonstrated by the results we’ve seen with the asset management of some of our sites.

“Given these positive results, as well as our alignment of values and vision for the future of the energy industry, it seemed only natural to extend that relationship and pass on the asset management of a further four sites. We look forward to continuing to work alongside RES as we work together in accelerating a future powered by clean, affordable energy.”

The news follows RES’ recent acquisition of part of DNV’s asset management activities in the UK and Ireland, expanding the services it provides to a further 412MW.

For more information about RES, visit www.RES-group.com.

ENDS

For more information, contact:

Callum Whiteford

+44 (0) 141 404 5560

+44 (0) 7500 937925

[email protected]

Notes to editors:

About RES:

RES is the world’s largest independent renewable energy company active in onshore and offshore wind, solar, energy storage, transmission and distribution. At the forefront of the industry for 39 years, RES has delivered more than 20 GW of renewable energy projects across the globe and supports an operational asset portfolio exceeding 7.5GW worldwide for a large client base. Understanding the unique needs of corporate clients, RES has secured 1.5GW of power purchase agreements (PPAs) enabling access to energy at the lowest cost. RES employs more than 3,000 people and is active in 10 countries.

About Octopus Renewables:

Octopus Renewables, part of the Octopus Energy Group, is a specialist clean energy investor. Launched in 2010 its mission is to accelerate the transition to a future powered by renewable energy. It has a diverse portfolio of assets with a capacity of over 2.8GW, making it the largest commercial solar investor in Europe and a leading investor in onshore wind.

Octopus is also leading the next wave of renewables being built across Europe and Australia without government subsidies. There is a significant opportunity to unblock much needed investment by building bespoke portfolios of renewable assets at scale, across technologies and countries, to create better outcomes for our investors.