Image Credit: Octopus Energy
Octopus Energy, a leading UK energy firm, has recently escalated its expansion in Germany, marking significant strides in the solar energy sector and enhancing its technological capabilities. The company announced the acquisition of two German solar farms and a Berlin-based software start-up, Kwest.
The energy giant's generation arm, Octopus Energy Generation, confirmed the purchase of the 20.8MW Hartungshof solar farm, which has been operational since March, and the 122MW Schiebsdorf solar farm in Brandenburg. The latter will operate later this year and become Octopus's largest solar project. Together, these solar farms are anticipated to supply clean energy to approximately 55,000 homes in Germany annually, equivalent to taking 48,000 petrol cars off the roads.
These acquisitions, made through the Sky (ORI SCsp) fund managed by Octopus Energy Generation, signify a significant step in the company's commitment to inject over €1bn into German green energy infrastructure by 2027. This investment aligns with Germany's ambitious goal to derive 80% of its power from renewable sources by 2030.
Octopus's foray into the German market has seen rapid growth. Since its entry, it has acquired four onshore wind farms and taken a stake in the Butendiek offshore wind farm. It now has several projects across solar, wind, and storage in the pipeline.
"We've reached a major milestone with these investments - they are not only our first move into solar in Germany, but Schiebsdorf will also become the largest solar farm in our European generation portfolio," said Zoisa North-Bond, CEO of Octopus Energy Generation. "Solar farms like these are bringing cheaper, greener energy to more people. And we're geared to rapidly scale our renewables investments in the coming years to amplify Germany's green energy revolution further."
Germany now stands as Octopus Energy's second-largest market, trailing only the UK. The Octopus Energy brand currently serves 300,000 households in Germany, bolstered by the recent acquisition of Shell Energy Retail.
Concurrently, Octopus Energy Group's technology division, Kraken, announced its acquisition of Kwest, a workflow software specialist. The integration of Kwest's platform with Kraken's technology stack aims to streamline the installation of clean technologies like heat pumps and smart meters in Germany, the UK, and other markets. As part of the acquisition, Kwest's team of seven will join Kraken's global workforce, and Kraken will establish its first development hub in Berlin. This move marks a strategic enhancement in Octopus's technological capabilities, furthering its impact in the renewable energy sector.
"Cutting-edge energy technology like Kraken is going to be the key driver of a cheaper, greener future and our only chance at hitting important net zero targets," said Greg Jackson, Founder of Octopus Energy Group. "Kraken currently works across 12 European countries, with 54 million contracted accounts around the globe. With Kwest's team and platform added to the stack, we will now be able to supercharge the installation of clean, green home energy tech worldwide."
Robin Dechant, Founder of Kwest, said: "When we started speaking with the founders of Octopus Energy, we discovered our visions were deeply aligned. By merging our efforts with Kraken's innovative approach, we can speed up the energy transition on a global scale. As we celebrate this milestone with our team, it's clear how excited everyone is for the next phase of home energy installation, enabled by our tech."