Octopus Energy‘s generation arm has acquired a 50% stake in German renewable energy company Lintas Green Energy.

The move accelerates the growth of the Oldenburg-based green energy developer and expands its reach across the country.

The investment from Octopus Energy’s Sky fund facilitates the construction of new wind and solar farms, with a 1GW clean energy target by 2030.

This will supply 370,000 homes in Germany, contributing to the country’s energy transition.

Lintas Green Energy has previously built green energy projects in Lower Saxony, where renewable generation met the state’s entire electricity demand for the first time in 2023.

With 20 projects in its pipeline, Lintas is also making strides in the states of Hesse, Bavaria and Saxony-Anhalt.

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Octopus Energy Generation’s fund management business co-head Alex Brierley stated: “Germany has been a leader of the global Energiewende [transition] since the 80s. We are proud to be able to help the country speed up this transition by backing green projects and developers that are driving a cleaner, cheaper future.

“This latest deal with Lintas Green Energy is our eighth renewables deal in Germany and our first investment in a company creating new green power – and it won’t be our last.”

The investment is part of Octopus Energy’s broader strategy to increase its renewable energy footprint in Germany, with an investment of more than €1bn ($1.08bn) planned for the country’s clean energy infrastructure by 2027.

Since entering the German renewables market in June 2022, the UK-based developer has been pursuing growth opportunities.

This investment is its eighth in the German market and follows the recent acquisition of the Schiebsdorf solar farm.

Octopus Energy is also collaborating with major German corporations to support their emission reduction goals. A recent example is the partnership with Salzgitter Group, one of Germany’s largest steel producers, to supply solar energy for the production of green steel.

In December 2023, Octopus secured $800m (£625m) in a funding round to accelerate global clean energy initiatives.

The round valued the company at $7.8bn, a 60% increase since the previous investment round in December 2021.

Investors included Origin Energy, Tokyo Gas, the Canada Pension Plan Investment Board and Generation Investment Management.

In November 2023, Octopus acquired a 5% stake in Germany’s 288MW Butendiek offshore wind farm.