Stake Transaction

On 29 June 2022, Octopus Energy Generation's fund management team announced the acquisition of the Borssele V offshore wind farm from a consortium of sellers including Van Oord, Investri Offshore and Green Giraffe Holding (collectively the Two Towers BV consortium that originally developed the site). The transaction made the Netherlands the 14th country in which Octopus Energy Group operates retail or generation assets and was Octopus's second offshore wind investment of 2022, following its acquisition of a stake in the 270 MW Lincs offshore wind farm. The 19 MW Borssele V wind farm comprises two MHI Vestas V164-9.5 MW turbines and had been operational since February 2021. Eneco continued as project operator post-transaction and Vandebron remained the offtaker supplying the project's renewable electricity to Dutch customers. The Octopus press release did not disclose the stake percentage acquired or the transaction value; based on the announcement's framing the deal covered the full consortium shareholding. Houthoff acted as legal adviser to the consortium of sellers including Van Oord.