Octopus Energy Forays Into German Offshore Wind Market with Butendiek Acquisition

Business & Finance

November 13, 2023, by Adnan Memija

Octopus Energy’s generation arm has made its first offshore wind investment in Germany with the acquisition of a 5 per cent stake in the 288 MW Butendiek offshore wind farm from Ewz, the Zurich Municipal Electric Utility.

Located 32 kilometres west of Sylt Island in the North Sea, the Butendiek offshore wind farm features 80 3.6 MW Siemens Gamesa wind turbines. The project has been operational since 2015, generating enough clean power for 370,000 homes.

According to Octopus Energy, the deal marks the next step in the company’s global offshore wind strategy and follows its decision to channel more than EUR 1 billion of investment into green energy infrastructure in Germany by 2030.

Since entering the market last year, the company invested in four onshore wind farms with a combined capacity of 100 MW.

Octopus Energy plans to unleash USD 20 billion in offshore wind investment globally.

Besides Germany, the company invested in offshore wind farms in the UK and the Netherlands, as well as in developers of new offshore wind projects including Norway, Sweden, and South Korea.

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According to Octopus Energy, Germany is the world’s third-largest offshore wind market, after China and Britan, with over 8 GW already up and running. The country has set a 70 GW offshore wind target by 2045.

“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,” said Zoisa North-Bond, CEO of Octopus Energy Generation.

“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.”