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 formed 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 occurred just after Octopus announced that it was unleashing $20 billion of investment into offshore wind globally. It marks Octopus’ entry into Norway and South Korea’s renewables markets, bringing the total number of countries where Octopus Energy Generation has projects to 15.
“The potential for offshore wind is absolutely massive and in many ways we’re only at the start of this burgeoning industry,” says Zoisa North-Bond, CEO of Octopus Energy Generation. “Working with Deep Wind Offshore is hugely exciting, providing access to new offshore wind markets for us where they have deep expertise.”