Octopus Energy Generation accelerates green power with wind farms in the UK, Sweden, France and Finland
- Deals will increase the business’ wind generation portfolio by up to 90%, adding up to 690 MW of capacity over the next 10 years
- Once developed, these wind farms could power nearly half a million homes
- Boosts existing renewable generation capabilities across Europe, helping to accelerate the global green energy revolution
London, Thursday 10th March 2022 - Octopus Renewables, the fund management specialist in Octopus Energy Group’s generation business, has signed four deals to ramp up wind power generation across Europe to help deliver Net Zero.
The team already managed 745 MW of wind assets - and these deals will boost its wind capacity by up to 90% over the next 10 years. The investments, all signed in the last three months, will see wind farms in the UK, Sweden, France and Finland provide a combined capacity of up to 690 MW, enough to power nearly half a million homes a year.
Development of nine wind farms in Scotland and Wales with Wind 2 Limited
In the UK, Octopus Renewables is investing in a joint venture to develop nine onshore wind farms with Wind 2 Limited, a specialist UK wind farm developer. The new wind farms will be developed across Scotland and Wales over the next 5 to 10 years, with a potential combined capacity of approximately 570 MW. The deal will go a long way to help the UK create more home grown renewable energy.
Building a Swedish wind farm with OX2
The business is expanding its footprint in Sweden with a third deal in the country, buying a ready to build onshore wind farm in Marhult, outside Växjö, from OX2, a developer of renewable energy across Europe. Once built, the 31.5 MW capacity wind farm with seven Vestas turbines will generate enough to power 18,000 homes annually. Octopus Renewables has previously completed two other deals with OX2 - and is now strengthening this relationship.
Managing French wind farm following deal with Energiequelle
Octopus Renewables will now be managing a French onshore wind farm Broons / Biterne-Sud in north-east Brittany, after a deal with Energiequelle, a German project developer and operator of renewable assets and storage facilities. The wind farm has six Enercon turbines with a capacity of 14.1 MW. This project has a government-backed Contract for Difference (CfD) for a 20-year period. CfDs encourage renewable generation by guaranteeing developers a fixed price for the green power generated.
Acquiring two Finnish wind farms
In the final investment, Octopus Renewables has acquired two onshore wind farms in Finland. The Saunamaa and Suolakangas wind farms have a combined capacity of 71.4 MW. They will generate enough energy to power over 45,000 homes, avoiding the equivalent of 68,000 tonnes of carbon dioxide emissions annually. These wind farms have a five-year Power Purchase Agreement (PPA) with Baltic energy company Eesti Energia. This will allow Eesti Energia to provide its customers with more clean energy.
Zoisa North-Bond, CEO of Octopus Energy Generation, comments: “We’re blown away by the prospect of building so many wind farms in the UK and further afield in Europe. We’re passionate about accelerating the transition to green energy across the globe - and these deals will hugely boost our wind power portfolio.”
“The energy crisis has shown how exposed Europe is to global fossil fuel prices. These new wind farms will help Europe reduce its reliance on gas and become energy independent. Stepping up renewable generation will help deliver Net Zero targets and supercharge the green energy revolution.”
More broadly, Octopus Energy Group has been stepping up its generation capabilities, constantly innovating to put people at the heart of green energy developments. Octopus Energy plans to supply around 2.5 million households with green power through its initiative ‘Fan Club - The Collective’ by 2030. This is all part of Octopus Energy Group’s plans to create 18 gigawatts of clean energy generation projects by 2027.
Notes to editors:
Please note, this press release contains forward-looking statements such as the projected increase in Octopus Energy Generation’s wind asset portfolio. Octopus Energy Generation previously managed 745 GW of wind assets that are already operational and being constructed. The up to 90% increase in wind assets figure used in this announcement also includes the wind farms in development. Please note that wind developments are subject to approvals by planning authorities.
Octopus Energy Group
About Octopus Renewables
Octopus Renewables, the fund management specialist which is part of Octopus Energy Group’s generation business, is a specialist clean energy investor. Launched in 2010 its mission is to accelerate the transition to a future powered by renewable energy. It has a diverse portfolio of assets with a capacity of 3GW, making it one of the largest commercial solar investors in Europe and a leading investor in onshore wind.
Octopus is also leading the next wave of renewables being built across Europe without government subsidies. There is a significant opportunity to unlock much needed investment by building bespoke portfolios of renewable assets at scale, across technologies and countries, to create better outcomes for investors.
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 13 countries, Octopus Energy Group's mission is going global.
Octopus’s domestic energy arm already serves 3.1 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 £3.4 billion 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 Pension 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.
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