Octopus Energy conquers German offshore wind market

Octopus has acquired a five per cent stake in the German offshore wind farm Butendiek. The wind farm has 80 turbines and is located 32 kilometres west of the island of Sylt in the North Sea. It has been in operation since 2015, has a capacity of 288 MW and generates clean electricity for 370,000 households.

The deal is the next step in Octopus' global offshore wind strategy and follows the company's decision to invest more than €1 billion in green energy and infrastructure in Germany by 2030.

Zoisa North-Bond, CEO of Octopus Energy Generation: "The prospects for offshore wind energy are incredibly promising worldwide. The more projects we realise, the faster the cost of energy will fall and end our dependence on fossil fuels. Germany is a global pioneer in offshore wind power and is well on the way to becoming the largest offshore wind market in Europe. We are delighted to have made our first investment in this sector and plan to support the country in achieving its ambitious goal. We will soon be making further deals in a range of renewable technologies."

The company only entered the German market last year and has since invested in four onshore wind farms with a total capacity of 100 MW - enough electricity for 100,000 households. Further projects are already being planned.

Octopus plans to invest 20 billion dollars in offshore wind farms worldwide. In addition to Germany, the company has invested in offshore wind farms in the United Kingdom and the Netherlands as well as in the development of new offshore wind projects in Norway, Sweden and South Korea.