Ashurst advises Octopus Energy on its entry into the German onshore wind market
Ashurst advised Octopus Energy on its first wind farm investment in Germany. The 35 MW onshore wind farm Gaishecke will be built near Frankfurt (Germany). Construction will kick off in the next few weeks, with start of operations scheduled for the end of 2023. The British renewable energy company bought the construction rights from a consortium of sellers comprising three project developers (LindenProjekt GmbH, FH Beteiligungs GmbH and ISB GmbH).
Octopus Energy is one of the largest investors in solar and wind energy in Europe and currently manages 3 GW of renewable energy assets like wind and solar farms across eight countries. Entering the power generation market is the next step in the company's growth strategy in Germany. By 2030, Octopus Energy is planning to operate up to 1.2 GW of wind and solar farms across the country. At Gaishecke wind farm, ten wind turbines will generate almost 100,000 MWh per year, powering nearly 40,000 households with green energy and saving approximately 60,000 t of CO2 a year.
The Ashurst team was led by partners Dr Benedikt von Schorlemer and Dr Maximilian Uibeleisen (M&A/Energy). They were assisted by counsel Holger Mlynek (Commercial Contracts) as well as associates Dr Simon Groneberg (Energy/Regulatory), Jan Ischreyt and Friederike Preyer (both M&A). Senior associate Alexandra Heitmann provided advice on financing aspects, senior associate Dr Susanne Knoch advised on tax law.
