Octopus Energy makes a splash with investment in one of Europe’s largest wind farms

• The most powerful turbines in Octopus’s portfolio come from their investment in the Borssele III & IV Dutch offshore wind farm
• Octopus’ second deal in the Netherlands after entering the country last year
• Follows Octopus’ announcement to unleash $20bn in offshore wind globally

London, 19 September 2023 – Octopus Energy’s generation arm announces its investment in one of continental Europe’s largest wind farms, as it continues to turbocharge the energy transition globally.

The 732 MW Borssele III & IV wind farm in the Dutch North Sea is made up of 77 turbines. Its 9.5 MW turbines are the largest in Octopus’ portfolio - each turbine as tall as the Gherkin building in London.

The wind farm has been operational since 2021 and generates enough power every year equivalent to around 825,000 Dutch households.

This latest deal comes as Octopus continues to ramp up its global offshore wind activity. Recently it announced plans to unleash $20bn (£15bn) of investment into offshore wind globally. And just this month it invested in Deep Wind Offshore, a global offshore wind developer with projects in Norway, Sweden and South Korea.

Octopus Energy Generation, one of Europe’s largest renewables and energy transition investors, acquired the 10% stake in this wind farm from the seller Partners Group, a leading global private markets firm acting on behalf of its clients. Octopus acquired the stake on behalf of funds it manages including the Sky fund (ORI SCsp).

Octopus first entered the Netherlands’ renewable energy market last year with the acquisition of the Borssele V offshore wind farm, also part of this Borssele wind farm zone.

The Netherlands is Europe’s third largest offshore wind market after the UK and Germany, and its Government is targeting 70 GW offshore wind capacity by 2050.

Alex Brierley, Co-head of Octopus Energy Generation’s fund management team said: “Investing in one of Europe’s largest wind farms in the Netherlands is a really exciting milestone as we only entered the Dutch renewables market last year. We’ve got big ambitions to supercharge the green energy transition globally. Offshore wind farms like these are boosting energy security and creating a more sustainable energy system for everyone.”

Octopus has green generation projects in 15 countries. It started investing in offshore wind farms last year and since then has acquired stakes in the Lincs offshore wind farm and one of the world’s largest wind farms, Hornsea One in England on behalf of its investors. It also backs floating offshore wind developer Simply Blue.

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Notes to editors:

Press Contacts

Octopus Energy Group

Amy Boekstein

PR Manager

amy.boekstein@octoenergy.com

+44 (0)20 4530 8369

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 15 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 Group

Octopus Energy is a global energy and technology group, driving the affordable, green energy system of the future. Its operations span 15 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 5.4 million customers through its retail arm, and has licensed its advanced data and machine learning platform, Kraken, to support 30 million customer accounts worldwide through licensing deals with energy companies, including 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.