Octopus Energy has invested in Germany’s offshore wind sector for the first time since entering the country’s wind energy market in June 2022.
The Sky fund, managed by Octopus Energy Generation, has acquired a 5% stake in Butendiek from Zurich municipal electric utility EWZ for an unspecified amount.
Butendiek is an 80-turbine offshore wind farm that sits 32km west of the island of Sylt in the North Sea. The 288MW wind farm has been operational since 2015.
In June last year, Octopus Energy made its first wind-farm investment in Germany as it announced plans to build Gaishecke wind farm consisting of 10 onshore turbines that can generate 35MW in Hessen, Frankfurt. Since then it has also invested in four onshore wind farms with a combined capacity of 100 MW with several more projects already in the pipeline.
A year before that, the company had attracted financial backing from Canada Pension Plan Investment Board and Al Gore’s Generation Investment Management.
Octopus Energy said the Butendiek deal marks the firm’s global offshore wind strategy and follows the company’s plan to channel more than €1bn of investment into green energy and infrastructure in Germany by 2030. Globally, the company plans to funnel US$20bn (€18.7bn) in offshore wind investment.
Zoisa North-Bond, CEO of Octopus Energy Generation, 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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