Octopus aims to invest over £850 million in renewables by 2027 in Germany. Image: Octopus Energy.

The generation arm of energy supplier Octopus Energy has acquired its first solar PV portfolio in Germany, with a combined capacity of 142.8MW.

Consisting of two solar projects, Octopus bought a 122MW solar farm in the eastern state of Brandenburg, its largest renewables plant in Europe.

Currently under construction, the project is expected to be completed later this year.

The other solar PV plant acquired is a 20.8MW solar farm, which has been operational since March 2023 and is located in the western state of Saarland, near Luxembourg.

Both solar farms were acquired by the Sky (ORI Corp) fund which is managed by Octopus Energy Generation.

In the past 18 months, the UK company closed seven renewables deals – with this one the first for solar PV – in Germany and plans to invest over €1 billion (£855 million) in renewables by 2027 in the European country.

Zoisa North-Bond, CEO of Octopus Energy Generation, said: “We’ve reached a major milestone with these investments – they are not only our first move into solar in Germany, but Schiebsdorf will also become the largest solar farm in our European generation portfolio.”

Aside from increasing its solar portfolio in Germany, the UK company expanded its portfolio in the country with the acquisition of Shell Energy – both in the UK and Germany – last September, as covered by our sister site Current±.

This article first appeared on Solar Power Portal’s sister site PV Tech.