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Octopus Energy Generation ups stake in UK offshore wind farm

·1-min read

By Nina Chestney

LONDON (Reuters) - Renewable energy investor Octopus Energy Generation said on Friday it has increased its stake in Britain's Lincs Offshore Wind Farm.

Octopus has been ramping up its offshore wind investments since entering the market earlier this year.

It has increased its stake to 23.25% from 15.5% in the 270 megawatt the wind farm off the coast of Skegness in the east of England.

The wind farm is made up of 75 wind turbines spread across 35 square kilometres, generating enough energy to power 240,000 UK homes a year. It has been operating since 2013 and is operated by Ørsted.

Octopus Energy Generation manages 3 gigawatts of renewable energy assets across Europe worth 4.4 billion euros ($4.3 billion).

The company is planning projects generating 18 GW of green energy across the world by 2027.

($1 = 1.0251 euros)

(Reporting by Nina Chestney; editing by Jason Neely)