UK-based Octopus Energy's generation arm, Octopus Energy Generation, has announced its agreement to acquire a 10% stake in the 732MW Dutch offshore wind farm Borssele III & IV from Partners Group. The deal, which awaits regulatory approvals, will mark the complete exit of Partners Group from the project. The acquisition is part of Octopus' recent plan to invest up to $20bn in offshore wind globally.
The Borssele III & IV wind farm, located 55km from the Port of Vlissingen in the Dutch North Sea (NYSE:SE), is one of continental Europe’s largest wind farms. It comprises 77 Vestas turbines, each with a 9.5MW capacity, making them the most powerful turbines in Octopus’s portfolio. Each turbine stands as tall as the Gherkin building in London. Operational since 2021, the wind farm generates 3,000GWh of clean energy annually, enough to power nearly 825,000 Dutch homes.
This is Octopus' second deal in the Netherlands since entering the country last year. Earlier this month, Octopus agreed to invest in Norwegian renewables developer Deep Wind Offshore, which has a pipeline of projects in Norway, Sweden and South Korea.
Alex Brierley, co-head of the Octopus Energy Generation fund management team, described the investment as "a really exciting milestone" for the company's global green energy transition ambitions. He emphasized that offshore wind farms like Borssele are instrumental in boosting energy security and creating a more sustainable energy system.
Partners Group's managing director and private infrastructure Europe co-head David Daum marked the sale as "the end of our five-year journey with the project." He expressed satisfaction at handing over Borssele to a new shareholder group and highlighted the continued strong demand for high-quality infrastructure assets.
Upon the acquisition's completion, Octopus Energy Generation will join other owners of the Borssele project, including Shell (LON:SHEL), Eneco, INPEX, Luxcara, Swiss Life Asset Managers and Glennmont Partners from Nuveen. The project benefits from a feed-in premium regime supported by the Dutch government, ensuring long-term contracted cashflows.
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