Octopus Power has taken a major step into Germany’s offshore wind market with its first funding within the Butendiek wind farm.
The corporate’s era arm secured a 5% stake within the 80-turbine offshore facility, positioned 32 kilometres west of the island of Sylt within the North Sea.
The Butendiek wind farm, operational since 2015, boasts a capability of 288MW, producing energy for roughly 370,000 properties.
This transfer follows Octopus Power’s bold dedication to take a position greater than €1 billion (£870m) in inexperienced power and infrastructure in Germany by 2030.
The corporate entered the German renewable market simply over a yr in the past, with 4 onshore wind farm investments, collectively offering energy for 100,000 properties.
Zoisa North-Bond, Chief Government Officer of Octopus Power Technology, stated: “The prospects for offshore wind globally are extremely promising. The extra initiatives we realise, the sooner we’ll see power payments come down and finish our reliance on soiled fossil fuels.
“Germany is a world trailblazer in offshore wind and en path to turning into Europe’s largest offshore wind market.”
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