Octopus Energy, intensifies its presence in the German renewable energy market. After investing in the German energy sector last year, the company continues its expansion with the acquisition of a 5% stake in the Butendiek offshore wind farm. The 80-turbine park is located in the North Sea and has been operational since 2015. With a capacity of 288MW, it generates enough clean energy to power 370,000 homes.
Octopus strategy and investments in Germany
Octopus’ recent investment in Butendiek is part of a wider strategy to develop green energy in Germany. The company is committed to investing over €1 billion in green energy and infrastructure in Germany by 2030. In addition to Butendiek, Octopus has also invested in four onshore wind farms in Germany, with a total capacity of 100 MW, capable of supplying energy to 100,000 homes. In Germany, the company also launched its “Fan Club” tariff, a world first offering discounted electricity to customers living near two of its wind farms.
Octopus Global Vision and International Expansion
Octopus Energy’s ambitions are not limited to Germany. The company plans to invest $20 billion in offshore wind power worldwide. In addition to 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 such as Norway, Sweden and South Korea.
Germany, a leader in offshore wind power and ambitious targets
Germany, currently the third largest offshore wind market in the world, has set an ambitious target of 70GW of offshore wind capacity by 2045, underlining its green ambitions. Zoisa North-Bond, CEO of Octopus Energy Generation, underlines the potential of offshore wind power on a global scale and the company’s commitment to supporting Germany in achieving its ambitious energy goals.
The investment in the Butendiek wind farm, made by the Sky fund (ORI SCSp) managed by Octopus Energy Generation, was acquired from ewz, Zurich’s municipal electricity company. This strategic move by Octopus marks a significant step towards reducing energy bills and ending dependence on polluting fossil fuels.
Octopus Energy’s entry into the German offshore wind sector represents a major step forward in the country’s energy transition. With strategic investments and a global vision.
