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    Octopus has executed a power purchase agreement for a German photovoltaic project

    Octopus Energy’s power generation division has entered into a lengthy power purchase agreement (PPA) with Salzgitter Flachstahl, facilitating the future production of environmentally friendly steel. With the assistance of the advisory team at Pexapark, the PPA involves Octopus supplying 126,000MWh of clean electricity from the Schiebsdorf solar farm in Brandenburg, Germany, to Salzgitter for a duration of 10 years.


    This arrangement, effective upon the project’s commissioning later this year, aims to provide Salzgitter Flachstahl with a stable source of clean electricity, guarding against escalating energy costs and reinforcing its commitment to green steel production. Through the Salzgitter Low CO2 Steelmaking program (SALCOS), the company aims to utilize green hydrogen produced through electrolysis with renewable energy, achieving a noteworthy 95% reduction in carbon emissions from traditional steel manufacturing processes.


    Head of Salzgitter’s energy economy department, Ralph Schaper, said “As we work towards our strategic emissions reduction goal, this latest PPA adds another significant source of clean electricity to power our operations, create green hydrogen and ultimately produce greener steel for our customers.”


    “Octopus, with its extensive track record in European renewable energy, is an ideal long-term partner for us.”


    The agreement aligns with Octopus’s intensified efforts in advancing its eco-friendly energy initiatives in Germany, with a strategic goal of investing over €1bn in the country’s clean energy infrastructure by 2027.


    Octopus, managing the Sky fund (ORI SCSp), recently obtained ownership of the Schiebsdorf solar farm, marking a significant addition to its expanding renewable energy portfolio in Germany and globally. This solar farm, presently under construction and set to commence operations later this year, stands as the largest within the company’s growing portfolio of renewable energy projects.


    Co-head of Octopus Energy Generation’s fund management business, Alex Brierley, said “This partnership with Salzgitter is a giant leap towards decarbonising heavy industry and propelling Germany’s clean energy transition.”


    “Germany’s shift to net zero has many huge opportunities to get involved, and we’re geared up to announce more deals very soon.”


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