FDI Perspective: Octopus Energy Expands in Germany

British energy company Octopus Energy Group has big plans for the German wind energy market.

October, 2022

Octopus Energy Generation’s fund management team is targeting 1,200 megawatts of renewable generation projects like wind and solar farms by 2030 in Germany. Its first onshore wind farm, “Gaishecke,” with a capacity of 35 megawatts is being built near Frankfurt. Octopus entered the German market in November 2020.

An onshore turbine built by Octopus Energy. In the past year, the British company’s German customer base has increased tenfold to more than 120,000 households.

Photo: Octopus Energy/Press

Since the end of 2021, it has been supplying German Tesla Powerwall customers with green electricity. In the past year, Octopus’s German customer base has increased tenfold to more than 120,000 households. By the end of 2024, the company aims to have one million customers across Germany. According to forecasts, Germany will become Europe’s largest wind market in the next five years. “We have ambitious plans and we’re looking to invest several billion euros to rapidly scale up renewable energy in the country,” says CEO Andrew Mack. “This will help boost the country’s energy security and accelerate its transition to a cheaper, greener energy system.”

COMPANY:

Octopus Energy Group

LOCATION IN GERMANY:

Munich

PROMINENT INVESTOR:

Former US Vice President Al Gore and his investment fund have put the equivalent of over EUR 500 million into the Octopus Energy Group.

3 M

Clients worldwide

120,000

Clients in Germany