Octopus Energy has acquired a 5% stake in the 288MW Butendiek offshore wind farm located in the German North Sea. This marks the company’s initial entry into Germany’s offshore sector as part of its strategy to expand its renewable energy presence in the country.
The investment, facilitated by the Sky fund managed by Octopus Energy Generation, involved purchasing the stake from ewz, the Zurich Municipal Electric Utility. The Butendiek wind farm, comprising 80 turbines and operational since 2015, is situated 3km west of the island of Sylt, generating sufficient clean power for 370,000 homes.
This move signifies the next phase in Octopus’ global offshore wind strategy, following its commitment to invest over €1bn in green energy and infrastructure in Germany by 2030. Octopus entered Germany’s renewable market in the previous year, having already invested in four onshore wind farms with a total capacity of 100MW.
The company has additional projects in the pipeline. Octopus Energy also introduced the ‘Fan Club’ tariff in Germany earlier this year, offering discounted electricity to customers residing near two of its wind farms during windy conditions.
As part of its broader global offshore wind plan, Octopus aims to invest $20bn in offshore wind projects worldwide, targeting locations in the UK, the Netherlands, and collaborating with developers of new offshore wind projects in countries like Norway, Sweden, and South Korea.
Germany, ranking as the world’s third-largest offshore wind market after China and Britain, has over 8GW of operational capacity. The country has set an ambitious goal of achieving 70GW of offshore wind capacity by 2045, emphasizing its commitment to green energy initiatives.
Zoisa North-Bond, Octopus Energy Generation chief executive, said “The prospects for offshore wind globally are incredibly promising,”
“The more projects we realise, the faster we will see energy bills come down and end our reliance on dirty fossil fuels.”
“Germany is a global trailblazer in offshore wind and en route to becoming Europe’s largest offshore wind market.”
“We are thrilled to have made our first investment in the sector and plan to help the country achieve its ambitious target, with more deals across a range of renewable technologies coming soon.”
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