Wind energy – Octopus, the wind company that offers local authorities near its wind turbines up to 50% off their prices

The fund management team of Octopus Energy Generation will commission the 35 MW Gaishecke onshore wind farm in Hessen, a state near Frankfurt. Construction will begin in the coming weeks and it will enter service at the end of 2023. According to the company, when the work is completed, the 10 Vestas wind turbines that will make up the park will produce nearly 100,000 megawatt hours”, enough green energy to supply approximately 40,000 homes per year”, and will avoid the emission of approximately 60,000 tonnes of CO2 per year, “which would be equivalent to removing 30,000 petrol cars from circulation”. Octopus, which acquired the rights for the construction of the wind farm via a consortium of sellers, also announced its intention to increase “as soon as possible” its portfolio of wind farms in Germany, for which the management team of the fund ” is already studying other sites”. Octopus has set a 2030 target to reach 1,200 MW of wind and solar energy in the country.

The company was launched on the market in November 2020 and a year later, together with Tesla, it started supplying electricity to German customers of Tesla Powerwall. Over the past year, Octopus’ German customer base has grown tenfold, surpassing the 120,000 household threshold. By 2024, the company is aiming for one million customers.

The new agreement strengthens the generation and supply activities of Octopus and will allow Octopus Energy to launch its innovative wind tariff, the Fan Club, in Germany in the future. The fee, which launched in the UK in 2021, offers communities living near its wind turbines up to 50% off their energy prices.

Octopus’ moves are part of a very thorny geopolitical situation, in which Germany’s dependence on Russian gas determines the government’s agenda. The German government has announced its intention to accelerate the energy transition, and onshore wind power is one of the fastest deployable renewable energies.

Zoisa North-Bond, Managing Director of Octopus Energy Generation: “We are very happy to be able to expand in the renewable energy sector in Germany. We are growing rapidly thanks to green energy throughout the continent. In addition, we are big fans of the German wind market and look forward to build this wind farm.” , which will be the first in a long series, to bring even more cheap green energy to the population and help achieve energy independence.”

Andrew Mack, Managing Director of Octopus Energy Germany“We have been surprised by the excellent reception given to Octopus in the German retail energy market. This first onshore wind energy agreement is a very important step and it is only the beginning, because it brings green energy closer to the consumer”

Octopus Energy Generation manages 3,000 megawatts of renewable energy assets across Europe and plans to create, by 2027, eighteen thousand megawatts of “clean energy creation projects around the world”.

Founded in 2016 “with the aim of using technology to drive a customer-centric and affordable green energy revolution”, Octopus Energy Group, already present in thirteen countries, is part of the Octopus Group, which is a BC Corp Certified.

Octopus’ home energy business already supplies green energy to 3.1 million customers through Octopus Energy, M&S Energy, Affect Energy, Ebico, London Power and Co-op Energy; Octopus Electric Vehicles operates in the electromobility sector; Octopus Energy Services provides energy services and supplies smart products; and Octopus Energy Generation is a renewable energy investor that claims to already manage “a portfolio of renewable energy assets of 4,000 million euros across the continent”.

All this is possible -they explain from Octopus- thanks to the group’s technological area, Kraken Technologies, which offers “a proprietary internal platform based on advanced data and machine learning”. Kraken is automating much of the energy supply chain “to enable exceptional service and efficiency as the world transitions to a decentralized, decarbonized energy system.” Octopus has developed this technology to manage more than 20 million customer accounts worldwide, through agreements with EDF Energy, Good Energy, E.ON Energy and Origin Energy.

In December 2021, Octopus Energy Group was valued at approximately $5 billion after receiving a $600 million investment from Generation Investment Management and a $300 million investment from the Canada Pension Plan Investment Board. Both investors back companies that promote sustainability, promote green energy and fight climate change. This was the company’s third major investment round since its market launch.

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