Octopus Energy Generation has agreed to acquire an additional 15.5 per cent stake in the Lincs offshore wind farm in the UK. In the 270 MW offshore project, the company’s Sky fund acquired a 7.75 per cent stake, while the Octopus Renewables Infrastructure Trust increased its share of the wind farm by investing an additional 7.75 per cent. No financial details of the deal have been disclosed.
The 35 square km Lincs offshore wind farm is situated east of England, off the coast of Skegness. The project, which consists 75 wind turbines, can power 240,000 homes in the UK and reduce more than 350,000 tonnes of carbon emissions from being released every year. It is operated by Danish firm Ørsted and has been operational since 2013.
In August 2022, Octopus Energy Group purchased a 24 per cent stake in Exagen, a large-scale battery developer, through its new renewables fund, Octopus Energy Development Partnership (OEDP). OEDP is a €220 million renewables fund that will invest in Exagen to assist in the creation of large-scale solar and battery facilities in the UK. According to the terms of the agreement, OEDP would have the opportunity to purchase 500 MW/1 GWh of battery capacity that is situated in England’s Midlands region.