Octopus enters German renewable wind market

Octopus Energy has signed its first renewable generation deal in Germany to build Gaishecke, a 35MW onshore wind farm in Hessen, near Frankfurt.

Octopus is attempting to ramp up its generation portfolio in Germany and its fund management team as Germany suffers from decades of gas reliance that has led to energy insecurity. The potential market as the country tries to switch to renewables in a short time frame is therefore vast. By 2030, the company is planning to operate 1,200MW of wind and solar farms across the country.

The company first launched to the German market in November 2020 and a year later together with Tesla, started supplying power to German Tesla Powerwall customers. Over the past year, Octopus’ German customer base has grown tenfold, recently crossing the 120,000 household threshold. By 2024, the company is targeting one million customers.

The new deal will bring Octopus’s generation and supply businesses closer together and will enable Octopus Energy to launch its innovative wind tariff, the Fan Club, in Germany. The tariff offers communities living close to its wind turbines up to 50 per cent discount on their energy rates.

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