Seas the opportunity: Octopus Energy backs British offshore wind farm
- Octopus takes stake in the Walney Extension offshore wind farm
- Deal made by Octopus’ new Offshore Wind Fund as well as the Sky fund
- This marks the sixth offshore wind farm Octopus has backed since last year
- Comes as UK power generation from wind overtakes gas power this year
London, 27th November 2023 - Octopus Energy’s generation arm has invested in the Walney Extension offshore wind farm as it rapidly scales its offshore wind activity to boost energy security in the UK.
Octopus has taken a 12.5% stake in the 660 MW wind farm, which is among the world’s top 10 largest wind farms.
The wind farm is made up of 87 turbines - each taller than the 158m high Blackpool tower. It has been operational since 2018 and produces clean power for nearly 600,000 homes.
It is located in the Irish Sea off the coast of Barrow-in-Furness in the north west of England, amongst a cluster of offshore wind farms in an area with strong wind resources.
The deal marks the sixth offshore wind farm Octopus has invested in since last year. It has backed Hornsea One and Lincs in the UK as well as two offshore wind farms in the Netherlands and one in Germany just weeks ago.
This latest investment was made by the newly launched £3 billion Octopus Energy Offshore Wind fund - set up with a cornerstone investment from Tokyo Gas - and the Sky fund (ORI SCsp), both managed by Octopus Energy Generation.
It follows fast on the heels of Octopus’ plans to unleash £15 billion into this sector and unlock this clean energy for millions of homes globally by 2030.
The UK is one of largest offshore wind markets - second in the world after China. The country already has 14 GW of offshore wind, with plans to increase this to 50 GW by 2030.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “The future for offshore wind is here and now - and just this year, wind power overtook gas in Britain. The UK is already a world leader in offshore wind and we’re confident this secure and home-grown energy source will play an even bigger role in the UK’s energy mix. We’re overjoyed to make this investment after we recently announced our Offshore Wind Fund, and we’ll continue to rapidly scale our offshore wind activity globally.”
As well as investing in operational projects, Octopus is also driving the creation of new offshore wind energy around the world. Previous deals include wind farm developers with projects in countries including Norway, Sweden, Ireland, Spain, South Korea and more.
Octopus bought the stake in Walney Extension from AIP Management, the investment manager for Danish pension fund PKA and PFA.
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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 projects like wind and solar farms across 16 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
Octopus Energy is a global energy and technology group, driving the affordable, green energy system of the future. Its operations span 17 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 5.9 million customers globally through its retail arm, and has licensed its advanced data and machine learning platform, Kraken, to support 40 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy, with the potential for further 10 million to follow soon.
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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