Octopus Energy Generation, the renewables arm of Octopus Energy Group, has acquired 2GW of pipeline of renewables projects in Germany.

By taking over MN the company has obtained projects across 70 renewable energy sites across the country as it seeks to create energy security. The multi-gigawatt portfolio includes solar farms and battery storage projects, with the first ready to build and more set to reach that stage this year.

The deal marks Octopus’ ninth investment in Germany in less than three years, bringing it closer to its €1bn investment goal by 2027. It follows last year’s investment in Lintas Green Energy, a developer building 1GW of new wind and solar farms across Germany by 2030, and builds on 300MW of solar, onshore and offshore wind projects Octopus already manages in the country.

Octopus Energy Group is also scaling its energy supply business in Germany, now supplying over 800,000 customers, doubling the number compared to this time last year and expanding its ‘Fan Club’ model that reduces energy bills for people living near wind farms.

Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Solar is now the fastest-growing sector in Germany’s renewables mix. And with Germany racing towards 80 per cent renewable electricity by 2030, investments like this are essential to meet this goal.”

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