Octopus Energy has marked its entry into the German offshore wind market by acquiring a 5% stake in the 288-MW Butendiek wind park in the North Sea from Zurich Municipal Electric Utility, ewz. The offshore wind farm, operational since 2015, comprises 80 turbines.
In a significant move announced on Monday, Octopus highlighted this investment as a crucial step in its broader global offshore wind strategy. Germany, currently the third-largest offshore wind market globally, stands behind China and Britain. The country has set an ambitious target of achieving 70 GW in offshore wind capacity by 2045. Octopus Energy has committed a substantial USD 20 billion (EUR 18.7 billion) for offshore wind investments on a global scale.
Zoisa North-Bond, Chief Executive of Octopus Energy Generation, expressed optimism about the promising outlook for offshore wind projects worldwide. The company believes that realizing more projects will not only accelerate the reduction of energy bills but also contribute to decreasing reliance on fossil fuels.
The acquisition was facilitated by Octopus Energy Generation's Sky fund (ORI SCSp) and aligns with Octopus's broader plans to invest over EUR 1 billion in green energy and infrastructure in Germany by 2030. Having entered the German market in the previous year, Octopus Energy has already invested in four onshore wind farms with a combined capacity of 100 MW.
