Octopus Energy invests $20bn in offshore wind
Power Engineering International
Posted on: 24 July 2023
In an effort to generate 12GW of renewable electricity a year| Octopus Energy’s generation arm has announced plans to invest $20 billion into offshore wind by 2030.
In an effort to generate 12GW of renewable electricity a year, the generation arm of Octopus Energy has announced plans to invest $20 billion into offshore wind by 2030.
The UK-headquartered energy company currently manages $7.7 billion in green energy projects globally.
Octopus Energy is currently targeting projects across the globe, with a focus on Europe. It will back developers of new offshore wind farms as well as wind farms that are under construction or operational.
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The global energy and technology group first entered the offshore wind farm market last year and has since made five offshore deals, amounting to a total of $1 billion.
Octopus has stakes in the Lincs offshore wind farm and one of the world’s largest wind farms, Hornsea One – both off the east coast of England – and it acquired the Borssele V wind farm in the Netherlands, which has some of the world’s largest turbines.
It also backs Simply Blue, a developer of innovative floating offshore wind projects, a type of offshore wind technology that taps into strong winds deeper out at sea.
‘We need to keep going hell-for-leather on renewables’ says Octopus Energy boss
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Offshore wind has already rapidly transformed the UK’s energy system – and we’re incredibly excited about the potential for this technology globally. We’ve got big plans to invest in even more of these big fans to help wean ourselves off polluting gas. Offshore wind will undoubtedly continue to play a pivotal role in meeting net zero, boosting energy security and driving down bills.”
Octopus Energy Generation's fund management team launched in 2010 and is now one of Europe’s largest investors in renewable energy.
The business also launched the Fan Club in the UK 2021, a local energy tariff that provides cheaper, greener energy to customers living near local wind turbines when the wind blows, with a discount of up to 50%.
