Octopus Energy Generation, the renewables arm of Octopus Energy Group, has acquired a leading green energy developer with a 2GW pipeline of renewables projects.
Based in Hamburg, MN projects is developing over 70 renewable energy sites across Germany, including solar farms and battery storage schemes, with the first ready to build and more set to reach that stage this year.
Once up and running, these projects can deliver enough solar energy to power 500,000 German homes – around every household in Frankfurt – and unlock battery storage capacity for an additional 150,000 homes, Octopus said.
The deal was made through the Octopus Energy Development Partnership (OEDP), a fund that invests in clean energy across Europe to replace costly and polluting fossil fuels.
This marks Octopus’ ninth investment in Germany in less than three years, bringing it closer to its €1bn investment goal by 2027.
It follows last year’s investment in Lintas Green Energy – a developer building 1GW of new wind and solar farms across Germany by 2030.
That’s alongside the 300MW of solar, onshore and offshore wind projects Octopus already manages in the country.
In addition to expanding its generation portfolio, Octopus Energy Group is rapidly scaling its energy supply business in Germany, now supplying over 800,000 customers – a 100% increase compared to this time last year.
Octopus is also expanding its pioneering “Fan Club” model, which slashes energy bills for people living near wind farms.
With two sites live and more coming, this initiative is bringing affordable, locally generated green power to more households across Germany.
Zoisa North-Bond, chief executive of Octopus Energy Generation, said: “Solar is now the fastest-growing sector in Germany’s renewables mix.
“And with Germany racing towards 80% renewable electricity by 2030, investments like this are essential to meet this goal.
“By partnering with MN projects GmbH, we’re accelerating the shift from fossil fuels to solar energy and battery storage.
“These solutions will power German homes sustainably for years whilst helping to balance the grid, driving a greener future for the country and beyond.”
Joachim Müller, co-founder of MN projects, added: “This step is an important milestone for MN projects and positive news for our partners, as we can now further accelerate our growth and the successful realisation of our projects.”