Britain's Octopus Energy Group has bought the rights to build a 35-megawatt wind farm in Germany, its first renewable energy generation deal in the country, and the company has huge future expansion plans. The solar and wind investor said on Thursday it intends to "rapidly increase" its power generation portfolio in Germany and is already looking for more locations.

Its goal is to have a 1.2-gigawatt wind and solar park portfolio in the country by the end of the century. The rights to the 35 MW Gaishecke wind power project were acquired from a consortium of LindenProjekt GmbH, FH Beteiligungs GmbH and ISB GmbH. To be installed in Hesse near Frankfurt, the 10-turbine plant powered by Vestas hardware will come online by the end of 2023.

Its construction is scheduled to begin in the next few weeks. Once built, it will generate nearly 100,000 megawatt hours of electricity, enough to supply about 40,000 homes a year. Andrew Mack, CEO of Octopus Energy Germany, said: "Octopus Energy has been active in the German retail energy market since the end of 2020.

We were shocked by the reaction of the German retail energy market to Octopus. The first onshore wind deal is a very important milestone, and it's just the beginning. "Octopus Energy Generation, part of the Octopus Group, manages 3 GW of renewable energy assets in Europe. The company aims to have 18 GW of clean energy generation projects globally by 2027.