Octopus Energy has marked its entry into the Netherlands’ offshore wind market with the acquisition of the 19MW capacity Borssele V wind farm in the Dutch North Sea.

Octopus Energy, which recently made its first wind-farm investment in Germany as part of the company’s European expansion plan, said it has bought Borssele V from a consortium including offshore construction firm Van Oord for an undisclosed amount.

The Borssele V wind farm, which consists of two large Vestas wind turbines, is operated by Dutch utility Eneco.

Borssele V is part of the Borssele wind farm zone which is made up of five wind farms with a combined total capacity of 1.5GW.

Octopus Energy said the deal makes the Netherlands the 14th country the company operates retail or generation assets in. Octopus Energy’s generation arm manages 3GW of renewable energy assets across Europe.

The company, which last year attracted financial backing from Canada Pension Plan Investment Board and Al Gore’s Generation Investment Management, is planning to create 18GW of green energy generation projects across the world by 2027.

Zoisa North-Bond, the CEO of Octopus Energy Generation, said: “We’re expanding green power across Europe and over the next decade we see ourselves rapidly accelerating our investments in renewables.

“It’s brilliant to have entered the Dutch renewables market so soon after our first wind energy deal in Germany. The Netherlands is on the path out of fossil fuels and we’re here to help on this mission.

“We started making a splash in offshore wind this year, and we’ve already got a lot more in the pipeline.”

Matt Setchell, co-head of Octopus Energy Generation’s fund management team said: “Offshore wind is a critical part of the energy transition and it’s also an increasingly important part of what we will be doing as a fund management business.

“We’ll be bringing investors access to many more of these types of opportunities over the coming months and years as we continue to grow our specialist team around the world to deliver this.”

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