French Revolutions: Octopus Energy speeds up French green energy transition with three wind farm deals
Octopus Energy’s generation arm announces its investment in three new wind farms in France.
The news comes as Octopus joins business leaders gathered at the ‘Choose France’ summit to accelerate investment in France’s economy.
The three onshore wind farms - Croix Erable, Bertaut, and Le Langrois - have a combined capacity of 49 MW and will be added to the 10 existing wind farms the company already manages in the country, bringing its total to 13. The company also manages 14 French solar farms and has numerous more projects in the pipeline.
The wind farms will be located in the Vienne region in the west and Haute Marne region in the northeast of the country. Construction has already started and they will become operational throughout 2023 and 2024. The Nordex turbines on the sites will produce enough green power for 30,000 homes.
This investment follows fast on the heels of Octopus Energy Group’s commitment to invest €1 billion in the French green energy market in the next two years. Octopus is aiming to generate enough local green power for 300,000 French households, while bringing lower costs and better customer service through its retail energy supply arm.
France is one of Europe’s most active wind markets with over 2,000 MW of new wind farms built last year alone*. Renewables make up 25% of France’s energy mix with measures announced to boost this even further**.
Vincent Maillard, CEO of Octopus Energy in France, said: “We’re delighted to be at the Choose France summit recognising the essential role Octopus is playing in France’s shift to renewable energy. Green energy generated from wind farms like these will help unlock a more affordable and secure energy system for French customers.”
Alex Brierley, co-head of Octopus Energy Generation’s fund management team, said: “France is an absolutely fantastic place to build renewables and we’re committed to investing in lots more wind and solar farms in the country. France’s green energy transition is at a pivotal point, and we’ve got a clear mission: let’s continue to build more green generation to get cheaper, cleaner energy to even more people in the future.”
Octopus is looking to create enough green energy generation projects in Europe to power 15 million homes by the end of the decade. Octopus Energy Generation - who manage £6bn worth of renewable assets and energy transition projects globally - acquired these latest three wind farms on behalf of the Sky fund (ORI SCSp).
Octopus Energy Group first entered the French market in January 2022 after acquiring French energy supplier Plüm énergie. The company is targeting 1 million customers in France by 2026.