Octopus Energy accelerates German wind power deals after entering the country’s green generation market this year
- Latest 2 wind farm deals to add 57 MW of green energy to the grid in Germany
- Next step in Octopus Energy’s Germany strategy as the company continues to ramp up its renewable generation capabilities across Europe
- Comes as onshore wind is one of the cheapest forms of energy to help reduce reliance on Russian gas
London, Wednesday 28th September 2022 - Octopus Energy Generation, the renewable generation arm of Octopus Energy Group, announces two wind farm deals with a combined capacity of 57 MW, to accelerate German green power and reduce reliance on imported gas.
In the first deal, Octopus Energy Generation acquired a wind farm from renewables developer JUWI and wiwi consult, on behalf of its Sky fund (ORI SCSp). The wind farm, which is currently under construction with wiwi as the contractor, is located in Wörrstadt near Frankfurt. It will be operational in 2023. The 22.4 MW wind farm has 4 Vestas turbines which are each 241m tall, higher than the Gherkin building in London and the Cathedral in Cologne.
In the second deal, Octopus Energy Generation has agreed to acquire the Leeskow wind farm in Oberspreewald-Lausitz, near Dresden from wind farm developer UKA, on behalf of Octopus Renewables Infrastructure Trust (ORIT). The 34.6 MW wind farm has 7 Nordex wind turbines and became fully operational in September.
These two wind farms combined will be able to power over 41,000 homes, the equivalent of avoiding over 55,000 tonnes of CO2 emissions every year.
Octopus Energy Generation is one of Europe’s largest renewable energy investors, managing 3 GW of green energy assets across Europe worth £4.4bn. These two wind farm deals come only three months after Octopus entered the German generation market for the first time, as it continues to scale green power across Europe. The company plans to operate 1,200 MW of wind and solar farms in Germany by 2030, and is already scoping out additional renewables sites.
Onshore wind is one of the cheapest forms of energy, Germany already has 56 GW of onshore wind capacity - and is forecast to be Europe’s largest wind market in the next five years*. Germany’s government has also introduced measures earlier this year to accelerate onshore wind power as one way to help reduce reliance on Russian fossil fuels.
Zoisa North-Bond, CEO of Octopus Energy Generation, comments: “After entering Germany’s renewable generation market for the first time earlier this year, we’re really accelerating momentum with these two latest wind farm deals. We’re continuing to ramp up our renewable generation capabilities across Europe as more local cheap green energy is needed now more than ever as countries look to secure greater energy independence.”
This current momentum in green generation deals in Germany is the latest step in Octopus Energy’s broader Germany strategy. Octopus Energy’s supply business for households in the country serves over 120,000 homes and by 2024 the company is targeting 1 million customers. They have also recently announced that Octopus will sell and install heat pumps to provide a climate-friendly alternative to gas boilers in homes.
Andrew Mack, CEO of Octopus Energy Germany, added: “Octopus is really stepping up the range of what we’re doing to accelerate the drive to a greener, cheaper energy system for everyone. As a country that’s been so dependent on Russian gas, onshore wind farms like these are integral to help wean the country off imported gas.”
Notes to editors:
*WindEurope forecast of German wind energy market
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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 over 3 GW of renewable energy assets like wind and solar farms across 10 countries, worth £4.4bn. These renewable 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 in the UK 2021, the world's first local energy tariff that provides cheaper, greener energy to customers living near local wind turbines when the wind blows, with a discount of up to 50%. Thousands of people have got in touch asking for the Fan Club in their community.
For more information, check out our website.
About Octopus Energy Group
Octopus Energy Group is a global energy tech pioneer, launched in 2016 to use technology to unlock a customer focused and affordable green energy revolution. It is part of Octopus Group, which is a certified BCorp. With operations in 14 countries, Octopus Energy Group's mission is going global.
Octopus’s domestic energy arm already serves 3.4 million customers with cheaper greener power, through Octopus Energy, M&S Energy, Affect Energy, Ebico, London Power and Co-op Energy. Octopus Electric Vehicles is helping make clean transport cheaper and easier, and Octopus Energy Services is bringing smart products to thousands of homes. Octopus Energy Generation is one of Europe’s largest investors in renewable energy, managing a £4bn portfolio of renewable energy assets throughout the continent.
All of these are made possible by Octopus’s tech arm, Kraken Technologies, which offers a proprietary, in-house platform based on advanced data and machine learning capabilities, Kraken automates much of the energy supply chain to allow outstanding service and efficiency as the world transitions to a decentralised, decarbonised energy system. This technology has been licensed to support over 20 million customer accounts worldwide, through deals with EDF Energy, Good Energy, E.ON energy and Origin Energy.
In December 2021, Octopus Energy Group was valued at approximately $5 billion following a $600 million investment from Generation Investment Management and a $300 million investment from Canada Pensions Plan Investments Board. Both investors back businesses that drive sustainability, promote green energy and tackle climate change. It was the company’s third major investment round since launching to the market.
For more information, check out our website.
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