Octopus Energy dives into Germany’s offshore wind market with first investment
- Octopus takes stake in North Sea offshore wind farm Butendiek
- Deal marks fifth investment in German wind market in just over a year
- Plans to invest €1 billion in German renewables by 2030
London, 13th November 2023 - Octopus Energy’s generation arm has made its first investment in Germany’s offshore wind sector as it rapidly scales its renewables activity in the country.
Octopus has taken a 5% stake in Butendiek, an 80-turbine offshore wind farm that sits 32 km west of the island of Sylt in the North Sea. The wind farm has been operational since 2015, has a capacity of 288 MW, generating enough clean power for 370,000 homes.
The deal marks the next step in Octopus’ global offshore wind strategy and follows hot on the heels of the company’s decision to channel more than €1 billion of investment into green energy and infrastructure in Germany by 2030.
The global energy and technology group entered Germany's renewable market last year. Since then it has also invested in four onshore wind farms with a combined capacity of 100 MW – enough power for 100,000 homes – with several more projects already in the pipeline.
Earlier this year, Octopus also launched its world-first ‘Fan Club’ tariff in Germany, offering discounted electricity to customers who live nearby two of its wind farms when it’s windy.
Octopus plans to unleash $20 billion in offshore wind investment globally. Besides Germany, it has invested in offshore wind farms in the UK and the Netherlands, as well as in developers of new offshore wind projects in countries including Norway, Sweden and South Korea.
Germany is the world’s third-largest offshore wind market, after China and Britain, with over 8 GW already up and running. Its bold 70 GW target for offshore wind capacity by 2045 underscores its green ambitions*.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “The prospects for offshore wind globally are incredibly promising. The more projects we realise, the faster we will see energy bills come down and end our reliance on dirty fossil fuels.
“Germany is a global trailblazer in offshore wind and en route to becoming Europe’s largest offshore wind market. We are thrilled to have made our first investment in the sector and plan to help the country achieve its ambitious target, with more deals across a range of renewable technologies coming soon.”
This latest investment in Butendiek wind farm was made by the Sky fund (ORI SCSp), which is managed by Octopus Energy Generation. Octopus bought the stake from ewz, the Zurich Municipal Electric Utility.
Notes to editors:
*Germany offshore wind targets, Wind Europe
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About Octopus Energy Generation
Octopus Energy Generation is driving the renewable energy agenda and building green power for the future. This means reshaping the market by leading the transition to a cleaner, greener future through renewable projects connected more deeply to customers and businesses.
As one of Europe’s largest investors in renewable energy, its fund management specialist team launched in 2010 with a mission to accelerate the transition to a future powered by renewable energy. This team manages 3.2 GW of renewable energy projects like wind and solar farms across 17 countries, worth £6bn. These projects generate enough green energy to power 2 million homes every year, and is the equivalent of taking over 1 million petrol cars off the road. The business also launched the Fan Club, the world's first local energy tariff that provides cheaper, greener energy to customers living near local turbines when it’s windy, with a discount of up to 50%.
For more information, check out our website.
About Octopus Energy
Octopus Energy is a global energy and technology group, driving the affordable, green energy system of the future. Its operations span 17 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £6 billion portfolio of projects – one of Europe’s largest.
Octopus serves 5.8 million customers globally through its retail arm, and has licensed its advanced data and machine learning platform, Kraken, to support 40 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy, with the potential for further 10 million to follow soon.
Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide.
For more information, check out our website.
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