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Octopus Energy unveils major offshore wind investment plans
2/8/2023
News
Octopus Energy has announced plans to invest some $20bn (£15bn) into offshore wind by 2030. It is looking to build 12 GW of renewable electricity generation capacity globally, enough to power 10 million homes.
Targeting projects across the globe, with a focus on Europe and several deals already in the pipeline, Octopus Energy will back developers of new offshore wind farms as well as wind farms that are under construction or operational.
The company first entered the offshore wind farm market last year and has since made five offshore deals, amounting to a total of $1bn (£800mn).
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. It also has a stake in floating offshore wind developer Simply Blue.
‘Offshore wind will undoubtedly continue to play a pivotal role in meeting net zero, boosting energy security and driving down bills,’ comments Zoisa North-Bond, CEO of Octopus Energy Generation.
Furthermore, scaling investment in offshore wind is expected not only to create more clean energy but also numerous job opportunities, with the Offshore Wind Industry Council forecasting the offshore wind sector will create over 100,000 jobs by 2030 in the UK alone.
