Octopus Energy makes solar farm debut in Germany
- New project is the largest solar farm in Octopus’ European energy portfolio
- Clean energy can power the equivalent of tens of thousands of German homes
- Marks Octopus seventh renewables deal in Germany in 18 months
- Next step in its plans to channel €1bn into clean energy in Germany, with more deals in the pipeline
London, 23rd January 2024 - Octopus Energy’s generation arm makes its first two investments in Germany’s solar market, as it ramps up green energy activity in the country to propel the clean energy transition.
Octopus has bought the 122 MW Schiebsdorf solar farm in Brandenburg, the largest in the company’s ever-growing renewables portfolio in Europe. The site is currently under construction, targeting completion later this year.
The company has also acquired the 20.8 MW Hartungshof solar farm in the vicinity of Saarbrücken in Saarland, which has been operational since March 2023.
Combined the two solar farms will make a significant contribution to slashing carbon emissions in Germany. They will generate clean energy to power the equivalent of 55,000 German homes a year, or the same as removing 48,000 petrol cars from the road a year.
The solar farms were acquired by the Sky (ORI SCsp) fund which is managed by Octopus Energy Generation.
The deals mark the next step in Octopus’ plan to channel more than €1 billion of investment into green energy infrastructure in Germany by 2027, helping the German Government reach its goal of 80% of electricity from renewables by 2030.
Octopus entered the German renewables sector 18 months ago and has since backed four onshore wind farms and taken a stake in the Butendiek offshore wind farm - with several more projects across solar, onshore wind, offshore wind and storage already in the pipeline.
The company has been revolutionising Germany’s clean energy landscape since market entry, bringing innovative products such as its groundbreaking ‘Fan Club’ tariff and its electric vehicle (EV) public charging platform ‘Octopus Electroverse’ to the country.
The ‘Fan Club’ offers up to 50% discounts off electricity bills to customers living close to certain wind farms when it’s windy, while Electroverse allows customers to access over 620,000 charge points across Germany and the rest of Europe.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “We’ve reached a major milestone with these investments - they are not only our first move into solar in Germany, but Schiebsdorf will also become the largest solar farm in our European generation portfolio.”
“Solar farms like these are bringing cheaper, greener energy to more people. And we’re geared up to rapidly scale our renewables investments in the coming years to further amplify Germany’s green energy revolution.”
Notes to editors:
Please note: Octopus Energy Generation acquired the Schiebsdorf solar farm from ib vogt GmbH, and acquired the Hartungshof solar farm from Greencells Group Holdings Ltd.
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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 18 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 7.7 million customers globally through its retail arm, and has licensed its advanced data and machine learning platform, Kraken, to support 54 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy.
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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