Octopus Energy Generation ramps up offshore wind activity by upping stake in UK wind farm

• Increases stake in Lincs Offshore Wind Farm to 23.25% on behalf of investors
• Investment marks 4th offshore deal since entering this market earlier this year
• UK already the world leader in offshore wind - a key pillar of the country’s energy security plans and reducing reliance on imported gas

London, Friday 23rd September 2022 - Octopus Energy Generation, one of Europe’s largest investors in renewable energy, is upping its offshore wind activity in the UK, as offshore wind helps reduce the country’s reliance on imported gas.

In this latest deal, Octopus Energy Generation’s fund management team is acquiring a further 15.5% stake in the 270 MW Lincs Offshore Wind Farm off the coast of Skegness in the east of England, on behalf of the Sky fund (ORI SCSp) and Octopus Renewables Infrastructure Trust (ORIT). This increases the team’s total stake in the wind farm to 23.25%.

Octopus Energy Generation’s managed Sky fund backed by institutional investors took a 7.75% stake. ORIT doubled its stake by taking another 7.75%. This builds on activity from earlier this year, where Octopus took a 7.75% stake in this big UK wind farm on behalf of ORIT.

The Lincs wind farm is made up of 75 wind turbines across 35 square kilometres, generating enough energy to power 240,000 UK homes a year. This equates to taking nearly 200,000 petrol cars off the road and avoiding over 350,000 tonnes of carbon emissions every year. It has been operational since 2013 and is operated by Ørsted.

Octopus has been ramping up its offshore wind investments after only entering this market for the first time earlier this year. In less than 6 months, there’s been significant momentum, including acquiring the Borssele V offshore wind farm in the Netherlands, and partnering with Nest and GLIL to take a stake in one of the world’s largest offshore wind farms, Hornsea One in the UK. It also took a stake in floating offshore wind developer Simply Blue last year.

The UK already has 11 GW of offshore wind and is the world’s leader in this renewable technology, with lots more in the pipeline. This comes as offshore wind costs have fallen to record lows, helping to drive down the cost of energy in the long term*.

Zoisa North-Bond, CEO of Octopus Energy Generation, comments: “Harnessing the UK’s strong wind resources out at sea is an integral part of securing energy independence. Offshore wind farms like this help the UK wean itself off imported gas and importantly, lower energy bills. We only started investing in offshore wind earlier this year and we’ve already made big waves in this space in a matter of months - and there’s more to come.”

Matt Setchell, Co-head of Octopus Energy Generation’s fund management team: “In the drive towards a 100% renewable energy system in the future, we’ll need a real mix of technologies, with offshore wind playing a significant role. We’re working with investors to make their money make a positive impact and ultimately accelerate the drive towards a cleaner, cheaper energy system for everyone.”

Octopus Energy Generation is one of Europe’s largest investors in renewable energy, with its fund management team managing 3 GW of renewable energy assets across Europe worth £4.4bn. The company is stepping up its generation capabilities and is planning to create 18 GW of green energy generation projects across the world by 2027.

-ENDS-

Notes to editors:

Sources:

*UK offshore wind costs, July 2022, Carbon Brief

Press Contacts

Octopus Energy Group

Amy Boekstein

PR Manager

+44 (0)20 4530 8369

amy.boekstein@octoenergy.com

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 over 3 GW of renewable energy assets like wind and solar farms across 10 countries, worth £4.4bn. 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 Group is a global energy tech pioneer, launched in 2016 to use technology to unlock a customer focused and affordable green energy revolution. It is part of Octopus Group, which is a certified BCorp. With operations in 14 countries, Octopus Energy Group's mission is going global.

Octopus’s domestic energy arm already serves 3.4 million customers with cheaper greener power, through Octopus Energy, M&S Energy, Affect Energy, Ebico, London Power and Co-op Energy. Octopus Electric Vehicles is helping make clean transport cheaper and easier, and Octopus Energy Services is bringing smart products to thousands of homes. Octopus Energy Generation is one of Europe’s largest investors in renewable energy, managing a £4bn portfolio of renewable energy assets throughout the continent.

All of these are made possible by Octopus’s tech arm, Kraken Technologies, which offers a proprietary, in-house platform based on advanced data and machine learning capabilities, Kraken automates much of the energy supply chain to allow outstanding service and efficiency as the world transitions to a decentralised, decarbonised energy system. This technology has been licensed to support over 20 million customer accounts worldwide, through deals with EDF Energy, Good Energy, E.ON energy and Origin Energy.

In December 2021, Octopus Energy Group was valued at approximately $5 billion following a $600 million investment from Generation Investment Management and a $300 million investment from Canada Pensions Plan Investments Board. Both investors back businesses that drive sustainability, promote green energy and tackle climate change. It was the company’s third major investment round since launching to the market.

For more information, check out our website.