Octopus Energy’s generation arm is acquiring a 50% stake in a German renewables projects developer Lintas Green Energy.
Octopus Energy Generation, is investing an unspecified amount on behalf of its Sky Fund, to acquire the interest in Lintas to help build 1GW capacity of new wind and solar farms in the country by 2030.
Lintas, which has already built green energy projects in areas like Lower Saxony, currently has more than 20 projects in its pipeline across several more states, including Hesse, Bavaria and Saxony-Anhalt.
The latest deals mark the next step in Octopus’s plan to channel more than €1bn of investment into green energy infrastructure in Germany by 2027, helping the German government reach its goal of 80% of electricity from renewables by 2030.
Octopus, which entered the German renewables sector 20 months ago, has since backed four onshore wind farms and taken a stake in the Butendiek offshore wind farm.
Earlier this year it marked its entry into Germany’s solar farm market with the acquisition of the 122MW Schiebsdorf solar farm in Brandenburg and the 20.8MW Hartungshof solar farm in the vicinity of Saarbrücken in Saarland.
Octopus said the latest deal is the firm’s eighth investment in the German market.
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 eighth renewables deal in Germany and our first investment in a company creating new green power – and it won’t be our last.”
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