Octopus Energy invests in German renewables firm Lintas Green Energy

LONDON (Reuters) - Octopus Energy's generation arm said on Friday it was investing in German renewables developer Lintas Green Energy to speed up the company's growth across the country.

Octopus’ Sky fund will take a 50% stake in Lintas Green Energy, it said. The investment will help to build new wind and solar farms, with a target of 1 gigawatts of capacity by 2030, which is enough to power 370,000 German homes.

The value of the deal was not disclosed but Octopus said the funding should also help Lintas Green Energy to form energy supply deals to enable energy-intensive businesses to decarbonise their operations.

Octopus said it was increasing its renewables activity in Germany, with plans to invest more than 1 billion euros ($1.1 billion) into the country’s clean energy infrastructure by 2027.

($1 = 0.9183 euros)

(Reporting by Nina Chestney; Editing by Mark Potter)