Britain's Octopus Energy said it has made its first investment in German offshore wind under plans to scale up its renewables activity in the world's third-largest market.
Octopus Energy Generation has taken a 5% stake in Butendiek, an 80-turbine offshore wind farm 32 kilometers west of the island of Sylt in the North Sea, Octopus said in a statement.
Operational since 2015, the wind farm has a capacity of 288 megawatts (MW), enough clean power for 370,000 homes.
Ranking third globally after China and Britain, Germany has more than 8 Gigawatts (GW) of offshore wind capacity and has a target of 70 GW by 2045.
"Germany is a global trailblazer in offshore wind and en route to becoming Europe's largest offshore wind market. We ... plan to help the country achieve its ambitious target, with more deals across a range of renewable technologies coming soon," said Zoisa North-Bond, CEO of Octopus Energy Generation.
Octopus Energy Generation plans to invest $20 billion in offshore wind globally by 2030, aiming to boost energy security and reduce dependence on fossil fuels.
The German deal follows hot on the heels of the decision by Octopus to channel more than 1 billion euros of investment into green energy and infrastructure in Germany by 2030, it said.
Octopus first entered Germany's renewables market in 2022, and has since then invested in four onshore wind farms with a combined capacity of 100 MW, enough to power 100,000 homes.
In addition to Germany, Octopus has invested in offshore wind farms in Britain and the Netherlands, as well as in developers of new offshore wind projects in countries including Norway, Sweden, and South Korea.
(Reuters - Reporting by Marwa Rashad; Editing by Alexander Smith)