Octopus Energy enters German offshore wind

UK utility Octopus Energy’s generation arm has made its first investment in the German offshore wind sector by agreeing to buy a 5% stake in the 288MW Butendiek project.

Octopus Energy Generation will buy the stake in the German North Sea project from Zurich utility EWZ. 

The deal is due to close later this year subject to final approval from the German federal cartel office.

Butendiek has been operational since 2015, features 80 Siemens Gamesa turbines, and counts German developer Wpd and Japanese conglomerate Itochu Corporation among its owners.

The deal marks Octopus’ first investment in German offshore wind, though it has previously bought into onshore wind farms in the country.

Octopus plans to invest $20 billion in global offshore wind by 2030, with the UK, the Netherlands, Norway, Sweden, and South Korea among its target markets.