Octopus Energy’s generation arm, which manages $7.7 billion worth of green energy projects globally, has pledged to invest $20 billion into offshore wind by 2030. The outlay will be devoted to the generation of 12 GW of renewable electricity every year, enough power for 10 million homes.
Octopus is targeting projects across the globe and already has several deals in the pipeline. It plans to back developers of new offshore wind farms as well as wind farms that are under construction or operational.
The global energy and technology group first entered the offshore wind farm market last year and has since made five offshore deals, amounting to a total of $1 billion.
Octopus has ownership in the Lincs offshore wind farm and one of the world’s largest wind farms, Hornsea One – both off the east coast of England. In 2022, it acquired the Borssele V wind farm in the Netherlands, which has some of the world’s largest turbines.
It also backs Simply Blue, a developer of innovative floating offshore wind projects, a type of technology that taps into strong winds deeper out at sea.
“Offshore wind has already rapidly transformed the U.K.’s energy system – and we’re incredibly excited about the potential for this technology globally,” says Zoisa North-Bond, CEO of Octopus Energy Generation. “We’ve got big plans to invest in even more of these big fans to help wean ourselves off polluting gas. Offshore wind will undoubtedly continue to play a pivotal role in meeting net zero, boosting energy security and driving down bills.”