Octopus Energy Generation has announced an investment of £501.32m ($682.8m) in onshore wind energy across Europe, acquiring 321MW of capacity spread across 17 sites in France, Germany and Poland.
The fund management team has allocated the amount under the company’s Sky fund to advance renewable energy in major European markets.
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The new wind farms are expected to generate clean electricity for more than 250,000 homes.
Octopus currently oversees more than 400 large-scale renewable projects globally as it rapidly expands its provision of affordable green energy.
With recent acquisitions, the company now manages 67 onshore wind farms in various European countries including Finland, France, Germany, Ireland, Poland, Sweden and the UK.
Onshore wind power remains among the most cost-effective energy sources, significantly contributing to Europe’s energy system with a total of 265GW installed, including 17GW added in the past year.
In France, Octopus’ largest renewables market on the continent, the company has secured wind farms with a combined capacity of 143.5MW.
These projects, at varying stages of operation and construction, will eventually provide green energy to approximately 65,000 homes annually.
The wind farms are spread across ten locations including Bourgogne-Franche-Comté, Brittany, Centre-Val de Loire, Grand Est, Hauts-de-France and Nouvelle-Aquitaine.
Germany has seen the acquisition of four wind farms with a total capacity of 102.5MW in Lower Saxony, Brandenburg, Hesse and Baden-Württemberg.
Two of these farms are currently operational, while the other two are under construction. Together, they will supply clean energy to 71,000 homes annually.
This acquisition marks Octopus’ 15th transaction in Germany.
Octopus has also acquired three operational wind farms in northern Poland with a combined capacity of 75MW.
These facilities will provide sufficient clean energy to power 120,000 Polish homes annually.
The acquisition includes access to a series of upcoming renewable projects, enhancing Octopus’ long-term market position as Poland transitions from coal to a cleaner, more varied energy mix.
Octopus Energy Generation CEO Zoisa North-Bond said: “Europe has one of the greatest wind resources in the world. With major ambitions to build more wind farms, we are still only scratching the surface of what is possible.
“We now need to move even faster if we are going to unlock untapped wind power potential and meet Europe’s clean energy needs.
“From France to Germany and Poland, these latest projects are part of a wider shift away from polluting fossil fuels and towards homegrown, affordable, clean power.”
In February this year, the company announced an investment of nearly $1bn in clean technology in California, US, focusing on carbon removal and renewable energy projects.
