Octopus Energy’s generation arm has invested in onshore wind and solar developer Lintas Green Energy.
The deal sees Octopus’ Sky fund (ORI SCSp) take a 50% stake of Lintas Green Energy, an Oldenburg-based experienced and fast-growing green energy developer to accelerate their growth across the country.
The investment will help build new wind and solar farms, targeting 1GW by 2030 – enough clean energy to power 370,000 German homes.
Lintas has already built green energy projects in areas like Lower Saxony – a state which last year covered 100% of its electricity demand from its own renewable generation for the first time.
The green energy developer currently has more than 20 projects in its fast-growing pipeline across several more states, including Hesse, Bavaria and Saxony-Anhalt.
Octopus’ funding will enable it to expand further and form energy supply deals to help energy-intensive businesses decarbonise their operations.
The news comes as Octopus ramps up its renewables activity in Germany, with plans to channel more than €1bn into the country’s clean energy infrastructure by 2027.
Octopus entered Germany’s renewables market in June 2022 and has rapidly accelerated its projects.
This is Octopus’ 8th investment in the market and follows hot on the heels of its acquisition of Schiebsdorf solar farm, the largest solar farm in its portfolio.
Alex Brierley, co-head of Octopus Energy Generation’s fund management business, said: “Germany has been a leader of the global ‘Energiewende’ since the 80s.
“We’re proud to be able to help the country speed up this transition by backing green projects and developers that are driving a cleaner, cheaper future. “This latest deal with Lintas Green Energy is our 8th renewables deal in Germany and our first investment in a company creating new green power – and it won’t be our last.”