The UK-based Octopus Energy Group has signed a power purchase agreement (PPA) with Shell Energy Europe to procure 2.4TWh of wind energy a year from the Dogger Bank offshore wind farm.
Under the terms agreed, Octopus Energy will receive enough clean energy from the 3.6GW Dogger Bank project to power 800,000 of Octopus’ customer households.
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Shell Energy Europe has an agreement in place to offtake 20% of the energy generated by Dogger Bank.
Octopus Energy Group Energy head Matt Bunney said: “If the energy crisis has taught us anything, it is that we need to move fast to an energy system based on cheap renewables – and Dogger Bank will help to get us there.
“We already manage renewable energy assets worth over £5bn ($6.1bn), and I’m delighted that our team managed to secure a long-term contract under Shell’s PPA on top of this, bringing 2.4TWh of green energy straight into our customers’ homes.”
Shell plans to deliver clean energy from Dogger Bank to Octopus Energy as early as 2024.
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By GlobalDataLocated offshore from Yorkshire, UK, Dogger Bank is a joint venture between SSE Renewables, Equinor and Vårgrønn.
It is being developed in three phases and is currently in its development phase.
Upon completion, the wind facility will generate enough clean energy to power nearly six million homes a year.
SSE Renewables and Equinor each hold a 40% stake in the Dogger Bank project, with Vårgrønn owning the remaining 20%.
Based in London, Octopus Energy operates solar farms and both onshore and offshore wind assets across 11 countries.
Earlier this month, the company acquired Zestec Renewable Energy, a British company that develops and manages solar assets.
Zestec has a solar development energy pipeline of more than 160MW in the UK, which supplies self-generated green power for businesses and public sector organisations.
