Octopus Energy Makes Inroads into Germany’s Solar Market with Key Investments

Octopus Energy’s generation arm has marked its entry into Germany’s solar market with strategic investments in two significant projects. The company has acquired the 122 MW Schiebsdorf solar farm in Brandenburg, currently under construction and set to be the largest in Octopus Energy’s expanding renewables portfolio in Europe. Additionally, the company has secured the 20.8 MW Hartungshof solar farm near Saarbrücken in Saarland, which commenced operations in March 2023.

The combined capacity of the two solar farms is expected to play a pivotal role in reducing carbon emissions in Germany. Annually, they will generate clean energy equivalent to powering 55,000 German homes or removing 48,000 petrol cars from the roads.

Managed by Octopus Energy Generation, the Sky (ORI SCsp) fund facilitated the acquisition of these solar farms, representing a crucial milestone in Octopus Energy’s plan to invest over €1 billion in green energy infrastructure in Germany by 2027. This initiative aligns with the German Government’s target of achieving 80% of electricity from renewables by 2030.

Octopus Energy entered the German renewables sector 18 months ago and has since supported four onshore wind farms, as well as taking a stake in the Butendiek offshore wind farm. The company has additional projects in the pipeline, spanning solar, onshore wind, offshore wind, and storage.

Octopus Energy has been at the forefront of revolutionizing Germany’s clean energy landscape since its market entry. The company introduced innovative products such as the ‘Fan Club’ tariff, offering up to 50% discounts on electricity bills for customers near specific wind farms during windy conditions. Additionally, its electric vehicle (EV) public charging platform, ‘Octopus Electroverse,’ provides customers access to over 620,000 charge points across Germany and Europe.

Zoisa North-Bond, CEO of Octopus Energy Generation, expressed the significance of these investments, highlighting that Schiebsdorf would become the largest solar farm in the company’s European generation portfolio. She emphasized the role of such solar farms in bringing more affordable and greener energy to a broader audience, indicating Octopus Energy’s commitment to scaling renewables investments in the coming years to support Germany’s green energy revolution.