Octopus Energy announces two wind farm deals

In the first deal, Octopus Energy Generation acquired a wind farm from renewables developer JUWI and wiwi consult, on behalf of its Sky fund (ORI SCSp). The wind farm, which is currently under construction with wiwi as the contractor, is located in Wörrstadt, near Frankfurt. It will be operational in 2023. The 22.4 MW wind farm has four Vestas turbines which are each 241 m tall, higher than the Gherkin building in London and the Cathedral in Cologne.

In the second deal, Octopus Energy Generation has agreed to acquire the Leeskow wind farm in Oberspreewald-Lausitz, near Dresden from wind farm developer UKA, on behalf of Octopus Renewables Infrastructure Trust (ORIT). The 34.6 MW wind farm has seven Nordex wind turbines and became fully operational in September.

These two wind farms combined will be able to power over 41 000 homes, the equivalent of avoiding over 55 000 tpy of carbon dioxide emissions.

Octopus Energy Generation is one of Europe’s largest renewable energy investors, managing 3 GW of green energy assets across Europe worth £4.4 billion. These two wind farm deals come only three months after Octopus entered the German generation market for the first time, as it continues to scale green power across Europe. The company plans to operate 1200 MW of wind and solar farms in Germany by 2030, and is already scoping out additional renewables sites.

Onshore wind is one of the cheapest forms of energy, Germany already has 56 GW of onshore wind capacity – and is forecast to be Europe’s largest wind market in the next five years. Germany’s government has also introduced measures earlier this year to accelerate onshore wind power as one way to help reduce reliance on Russian fossil fuels.

Zoisa North-Bond, CEO of Octopus Energy Generation, commented: “After entering Germany’s renewable generation market for the first time earlier this year, we’re really accelerating momentum with these two latest wind farm deals. We’re continuing to ramp up our renewable generation capabilities across Europe as more local cheap green energy is needed now more than ever as countries look to secure greater energy independence.”

This current momentum in green generation deals in Germany is the latest step in Octopus Energy’s broader Germany strategy. Octopus Energy’s supply business for households in the country serves over 120 000 homes and by 2024 the company is targeting 1 million customers. They have also recently announced that Octopus will sell and install heat pumps to provide a climate-friendly alternative to gas boilers in homes.

Andrew Mack, CEO of Octopus Energy Germany, added: “Octopus is really stepping up the range of what we’re doing to accelerate the drive to a greener, cheaper energy system for everyone. As a country that’s been so dependent on Russian gas, onshore wind farms like these are integral to help wean the country off imported gas.”

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Read the article online at: https://www.energyglobal.com/wind/03102022/octopus-energy-announces-two-wind-farm-deals/