Making waves: Octopus Energy to unleash $20bn of investment in offshore wind by 2030
- Investment to generate wind power for over 10 million homes globally
- News will speed up energy transition, boost energy security and lower bills
London, Monday 24 July 2023 - Octopus Energy’s generation arm, which manages $7.7bn (£6bn) billion worth of green energy projects globally, today announces plans to unleash $20bn (£15bn) of investment into offshore wind by 2030.
This will go towards the generation of 12 GW of renewable electricity capacity, enough power for 10 million homes.
Octopus is targeting projects across the globe, with a focus on Europe – and already has several deals in the pipeline. It will back developers of new offshore wind farms as well as wind farms that are under construction or operational.
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 $1bn (£800m).
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.
Scaling investment in offshore wind will not only create more clean energy but also numerous job opportunities. Latest forecasts show the offshore wind sector will create over 100,000 jobs by 2030 in the UK alone*.
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.”
Notes to editors:
*Offshore Wind Industry Council report, Renewable UK, 14 June 2023
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About Octopus Energy Generation
Octopus Energy Generation is driving the renewable energy agenda and building green power for the future. This means reshaping the market by leading the transition to a cleaner, greener future through renewable projects connected more deeply to customers and businesses.
As one of Europe’s largest investors in renewable energy, its fund management specialist team launched in 2010 with a mission to accelerate the transition to a future powered by renewable energy. This team manages 3.2 GW of renewable energy assets like wind and solar farms across 13 countries, worth £6bn. These renewable projects generate enough green energy to power 2 million homes every year, and is the equivalent of taking over 1 million petrol cars off the road. The business also launched the Fan Club in the UK 2021, the world's first 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%. Thousands of people have got in touch asking for the Fan Club in their community. For more information, check out our website.
About Octopus Energy Group
Octopus Energy is a global energy and technology group, driving the affordable, green energy system of the future. Its operations span 14 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £6 billion portfolio of projects – one of Europe’s largest.
Octopus serves 5.3 million customers through its retail arm, and has licensed its advanced data and machine learning platform, Kraken, to support 30 million customer accounts worldwide through licensing deals with energy companies, including EDF, E.ON and Origin Energy.
Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide.
For more information, check out our website.
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