Octopus Energy has taken a 5% stake in the 288MW Butendiek offshore wind farm in the German North Sea.
The move marks the company’s first foray into the country’s offshore sector as it aims to scale up its renewables activity in the nation.
The investment in Butendiek wind farm was made by the Sky fund, which is managed by Octopus Energy Generation. Octopus bought the stake from ewz, the Zurich Municipal Electric Utility.
The 80-turbine site sits 3km west of the island of Sylt and has been operational since 2015, generating enough clean power for 370,000 homes.
The deal marks the next step in Octopus’ global offshore wind strategy the company said and follows its decision to channel more than €1bn of investment into green energy and infrastructure in Germany by 2030.
The global energy and technology group entered Germany’s renewable market last year. Since then it has also invested in four onshore wind farms with a combined capacity of 100MW – enough power for 100,000 homes – with several more projects already in the pipeline.
Earlier this year, Octopus also launched its world-first ‘Fan Club’ tariff in Germany, offering discounted electricity to customers who live near two of its wind farms when it is windy.
Octopus plans to invest $20bn in offshore wind globally, already targeting sites in the UK and the Netherlands, as well as in developers of new offshore wind projects in countries including Norway, Sweden and South Korea.
Germany is the world’s third-largest offshore wind market, after China and Britain, with over 8GW already up and running. Its bold 70 GW target for offshore wind capacity by 2045 underscores its green ambitions*.
“The prospects for offshore wind globally are incredibly promising,” said Octopus Energy Generation chief executive Zoisa North-Bond.
“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.”