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Sale of Eclipse Power to Octopus Renewables

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Sale of Eclipse Power to Octopus Renewables

Sale of Eclipse Power to Octopus Renewables

We are delighted to have supported the shareholders of Eclipse Power Limited with their sale to Octopus Renewables.

Eclipse Power are a licensed Independent Distribution Network Operator (IDNO) working within the UK’s Energy industry since 2015. Eclipse has secured a portfolio of more than 10,000 connections across residential, industrial, commercial, battery storage and electric vehicle charging customers. Given the focus on electrification of heat, transport and industry in the UK, Eclipse is expected to play an important role in facilitating the UK’s energy transition.

Octopus Renewables, the specialist clean energy division of Octopus Energy Group, is the largest investor of utility scale solar power in Europe, as well as a leading investor in onshore wind and biomass, managing a global portfolio valued at more than £3.5 billion.

The deal, which was completed with funds managed by Octopus, furthers Octopus’ involvement in the electricity distribution sector, having completed its original investment with Eclipse that EMW advised on in 2018. It will allow Eclipse to continue the expansion of its team, whilst also investing in its systems, technology and pipeline, with the ambition of making it one of the UK’s leading IDNOs.

Gary Gay, Managing Director of Eclipse, said:

"A big thank you to the EMW team once again on this transaction. The team drew upon strengths in various related disciplines, responded quickly and provided focused advice and representation throughout making the process as simple and painless as possible. 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. We’re looking forward to working with EMW again in the near future."

Sean Halliwell, Associate in our Corporate Finance team, added: “A huge congratulations to all parties involved. It was an absolute pleasure working with Gary throughout – we have continued to work closely with Eclipse since the original Octopus investment in 2018 and we are delighted to have now advised on this sale. Gary has built an incredibly successful business since Eclipse’s inception which has clearly been recognised by Octopus with its original investment and now this purchase. We wish Eclipse well in the next part of this exciting journey with Octopus.”

Our team was led by Jeremy Eden and Sean Halliwell, and were assisted by Hollie Tompkins and Lauren Cullen. Financial and tax advice for the shareholders of Eclipse was provided by MHA MacIntyre Hudson. Octopus were advised by Burges Salmon (legal) and Ernst & Young (financial).

Get in touch

If you’d like to find out more about this update please get in touch with Sean Halliwell.

Our Corporate team advise companies, management teams, investors and debt providers from business start-ups and first round finance agreements through to mergers and acquisitions, management buy outs, development funding and then exit.