Octopus Energy Generation, the renewables arm of UK-based Octopus Energy Group, has acquired MN Projects, a Hamburg-based green energy developer with a pipeline of 2 gigawatts (GW) of solar and battery storage projects across Germany, the company said on Tuesday.
The deal was made through the Octopus Energy Development Partnership (OEDP), a fund focused on accelerating the build-out of renewable energy infrastructure across Europe. Financial details of the transaction were not disclosed.
MN Projects is currently developing more than 70 sites across Germany, with the first projects ready to begin construction and others expected to reach that stage later this year. According to Octopus, once operational, the portfolio could generate enough solar power for approximately 500,000 homes—roughly equivalent to the number of households in Frankfurt—and provide battery storage capacity for a further 150,000 homes.
“Solar is now the fastest-growing sector in Germany’s renewables mix,” said Zoisa North-Bond, chief executive of Octopus Energy Generation. “By partnering with MN Projects GmbH, we’re accelerating the shift from fossil fuels to solar energy and battery storage.”
She added: “These solutions will power German homes sustainably for years whilst helping to balance the grid, driving a greener future for the country and beyond.”
Joachim Müller, co-founder of MN Projects, said the acquisition marked “an important milestone” for the company. “This step is positive news for our partners, as we can now further accelerate our growth and the successful realisation of our projects,” he said.
The move represents Octopus’ ninth investment in the German renewables sector in under three years and supports its aim to deploy €1 billion in the country by 2027. It follows a 2023 investment in Lintas Green Energy, a developer targeting 1GW of wind and solar capacity by 2030.
In addition to expanding its generation portfolio, Octopus Energy has doubled its German retail customer base in the past year, now supplying electricity to more than 800,000 customers. The company is also scaling up its “Fan Club” initiative, which offers discounted power to households near renewable energy sites, with two projects live and additional sites planned.
