Octopus Energy surpasses $2 billion offshore wind investment in 2 years

• Octopus speeds up its global offshore wind activity after launching its dedicated Offshore Wind Fund last year
• Latest milestone in plans to unleash $20bn into global offshore wind by 2030
• Octopus has pioneered offshore wind innovation, offering discounted electricity through its ‘Fan Club’ model to customers near certain turbines

Baku/London, Monday 11th November 2024 – Octopus Energy’s generation arm surpasses $2 billion of offshore wind investments in two years, as it accelerates the roll-out of offshore wind globally.

The announcement was made at COP29 in Baku, Azerbaijan, and marks the latest milestone in Octopus’ plans to unleash $20 billion into offshore wind worldwide by 2030.

Last year, the company launched its landmark Offshore Wind Fund, Vector, aiming to scale this technology which has seen energy prices plummet over time*.

Through Vector, Octopus invested in Ocergy – a tech disruptor in the floating offshore wind space. Ocergy is set to make building floating wind farms cheaper and faster than ever before, helping to unlock the vast potential of wind energy in deep seas.

Octopus has backed operational and construction projects, as well as developers creating new offshore wind energy and companies expediting this vital energy source’s supply chain.

The company entered the offshore wind farm market in 2022 and now holds stakes in six offshore wind farms in three countries around Europe.

This includes one of the world’s largest wind farms, Hornsea One, as well as Lincs and Walney Extension in Britain, two in the Netherlands with turbines as tall as London’s Gherkin building, and one in Germany.

Offshore wind is already playing a major role in energy systems across the globe, with governments worldwide setting ambitious expansion targets. The UK is the world’s second largest offshore wind market, with plans to quadruple capacity by 2030**.

Alongside investments into wind farms, Octopus has also been driving innovations in the sector. Last year it launched its first offshore ‘Fan Club’ – a groundbreaking tariff that offers people living close to one of its offshore wind farms cheaper rates when it’s windy, saving customers hundreds of pounds a year on their energy bills.

Zoisa North-Bond, CEO of Octopus Energy Generation, said: “We’re strong believers in wind power’s massive role as a cornerstone of energy systems globally. Our ability to invest over $2 billion into offshore wind in just two years is the start. Wind can create a greener and cheaper energy system for people around the world. We’re now geared up to unleash billions more into offshore wind projects worldwide.”

-ENDS-

Notes to editors:

Sources:

*International Renewable Energy Agency, offshore wind report, November 2023. Prices fell 59% from 2010-2022.

** WindEurope, July 2024

Press Contacts

Octopus Energy Group

Amy Boekstein

PR Manager

press@octoenergy.com

+44 (0)20 4530 8369

About Octopus Energy Generation

Octopus Energy Generation is driving the renewable energy agenda and building green power for the future. It is 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 specialist renewables investors, it manages 3.7 GW of green energy projects like wind and solar farms in over 15 countries, worth £7bn ($9bn). These generate enough green power for 2.4 million homes every year - the equivalent of taking over 1 million petrol cars off the road.

Octopus comes up with innovative tech-enabled products to change ingrained thinking about energy, positively influence the net zero economy and deliver cheaper energy for customers. This includes the ‘Fan Club’, a world-first tariff providing discounted energy to people living near wind turbines when it's windy, which has seen 36,000+ requests for local wind turbines, and Winder (Tinder for Wind), Octopus’ tech platform to speed up new turbines development driven by community demand. For more information, check out our website.

About Octopus Energy Group

Octopus Energy is a global clean energy tech business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus delivers world-class customer service and cutting edge energy products to 8 million households globally. Its operations span 18 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £7 billion portfolio of projects.

Octopus has licensed its advanced data and machine learning platform, Kraken, to support over 54 million customer accounts worldwide through licensing deals with companies such as 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