Riding the wind wave: Octopus Energy backs global offshore wind developer

• Octopus announces investment in developer Deep Wind Offshore to fund expansion in Norway, Sweden and South Korea
• Plans to create 10 GW offshore wind by 2032, enough power for 8.5m homes
• Follows hot on the heels of Octopus’ announcement to unleash $20bn (£15bn) of investment into offshore wind within this decade

London, 7th September 2023 – Octopus Energy’s generation arm announces its investment in Deep Wind Offshore, an international offshore wind developer with a pipeline of projects in Norway, Sweden, and South Korea.

All three countries have vast wind resources and strong governmental support for offshore wind. The company is aiming to build 10 GW of new offshore wind by 2032, with 2 GW exclusively developed in South Korea.

Deep Wind Offshore was founded in Norway and is backed by leading Norwegian shipping and energy companies Knutsen OAS, Haugaland Kraft, and Sunnhordland Kraftlag. Since launching in January 2021, it has grown rapidly across the globe and entered joint ventures with energy majors like EDF Renewables and bp.

Octopus’ investment will accelerate Deep Wind Offshore’s growth and further develop the company’s pipeline of fixed and floating offshore wind farms, potentially also funding projects in other markets.

The deal follows hot on the heels of Octopus’ announcement to unleash $20bn (£15bn) of investment into offshore wind globally. It marks Octopus’ entry into Norway and South Korea’s renewables markets, bringing the total number of countries Octopus Energy Generation has projects to 15.

Forecasts estimate the offshore wind sector could be worth $1 trillion by 2030 spanning across at least 24 markets, highlighting the scale of the industry’s growth potential*.

Zoisa North-Bond, CEO of Octopus Energy Generation, said: “The potential for offshore wind is absolutely massive and in many ways we’re only at the start of this burgeoning industry. Working with Deep Wind Offshore is hugely exciting, providing access to new offshore wind markets for us where they have deep expertise. Ultimately, the more offshore wind farms built across the globe, the quicker we can drive down bills and create a more secure energy system for everyone.”

Knut Vassbotn, CEO at Deep Wind Offshore, said: “Welcoming Octopus as an investor will enable Deep Wind Offshore to fast-track international growth and strengthen its position in Norway. Knutsen Group, Haugaland Kraft and SKL have provided the ideal foundation for the company and are committed to continue supporting the business. The backing of Octopus combined with our expertise means we now have the strength to rapidly grow internationally. The investments from Octopus and our connection to Norwegian municipalities ensures that we not only will provide abundant renewables, but also a foundation for the future growth across The North Sea.”

Octopus already has stakes in the Lincs offshore wind farm and one of the world’s largest wind farms, Hornsea One in England, as well as the innovative Borselle V wind farm in the Netherlands. It also invests in Simply Blue, a developer of floating offshore wind.

-ENDS-

Notes to editors:

Sources:

*Wood Mackenzie

Press Contacts

Octopus Energy Group

Amy Boekstein

PR Manager

amy.boekstein@octoenergy.com

+44 (0)20 4530 8369

Deep Wind Offshore

Hanne Steensnæs

Communications and Public Affairs Director

hanne.steensnaes@deepwindoffshore.com

+47 909 22 778

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 projects like wind and solar farms across 15 countries, worth £6bn. These 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, the world's first local energy tariff that provides cheaper, greener energy to customers living near local turbines when it’s windy, with a discount of up to 50%. 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 5.4 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.

About Deep Wind Offshore

Deep Wind Offshore is an international developer and owner of offshore wind projects.

Deep Wind Offshore’s ambition is to provide 10 TWh of net capacity out of the 10GW+ pipeline within 10 years.

For more information, see our website.