Octopus Energy Generation, the renewable energy investment arm of Octopus Energy Group, has announced the acquisition of MN Projects, a green energy developer based in Hamburg, Germany. The transaction gives Octopus access to a pipeline exceeding 2GW of renewable energy projects, significantly strengthening its position in the German energy market.
MN Projects is currently developing over 70 renewable sites across the country, including solar farms and battery energy storage systems (BESS). Several of these projects are ready to build, with more expected to follow within the year. Once operational, the sites will supply enough solar power to meet the annual energy demand of approximately 500,000 German households. Additionally, battery systems integrated into the developments will provide energy storage capacity for a further 150,000 homes.
The acquisition was made via the Octopus Energy Development Partnership (OEDP), a specialized fund dedicated to investing in clean energy infrastructure across Europe. This move marks Octopus’ ninth investment in Germany in under three years, accelerating progress towards its €1 billion investment target in the region by 2027.
Octopus previously invested in Lintas Green Energy, a developer working on 1GW of wind and solar projects slated for delivery by 2030. Combined with the 300MW of renewable assets Octopus already manages in Germany, the MN Projects acquisition underscores the company’s growing commitment to both energy generation and supply.
As part of its broader expansion, Octopus Energy Group is also scaling its energy retail business in Germany, which now serves over 800,000 customers—doubling its customer base year-over-year. The company’s innovative “Fan Club” initiative, offering discounted electricity rates to communities near renewable energy sites, continues to grow with multiple locations already operational and more on the horizon.
Transaction Details
| Attribute | Value |
|---|---|
| Country | Germany |
| Location | Hamburg (HQ of MN Projects, projects nation-wide) |
| Size (MW) | 2,000 |
| Name of developer | MN Projects |
| Name of acquirer | Octopus Energy Generation |
| Notable Details | Includes BESS; First projects ready-to-build; Via OEDP fund |
Picture source: Aldwald Castillo, Unsplash+
