Octopus Energy to Invest $20 Billion in Offshore Wind by 2030
Investment set to generate renewable electricity for over 10 million homes globally.
Octopus Energy’s generation arm, known for managing $7.7 billion (£6 billion) worth of green energy projects worldwide, has announced plans to invest $20 billion (£15 billion) in offshore wind projects by 2030. The company’s commitment to offshore wind aligns with its mission to accelerate the transition to renewable energy sources and foster a more sustainable future.
Octopus Energy aims to utilize the substantial investment to generate 12 GW of renewable electricity annually, providing power to an estimated 10 million homes worldwide. The company is actively exploring projects globally, with a primary focus on Europe. Several key deals are already in progress, including support for new offshore wind farm developments and existing operational facilities.
Having made significant strides in the offshore wind market, Octopus Energy successfully secured five deals totaling $1 billion (£800k) last year. Notable projects in their portfolio include stakes in the Lincs offshore wind farm and Hornsea One, one of the world’s largest wind farms, both situated off the east coast of England. The company further strengthened its position with the acquisition of the Borssele V wind farm in the Netherlands, which boasts some of the world’s largest turbines. Additionally, Octopus Energy supports Simply Blue, a developer of innovative floating offshore wind projects that harness strong winds in deeper offshore locations.
In addition to environmental benefits, the investment in offshore wind is expected to create numerous job opportunities. Projections suggest that the offshore wind sector alone will generate over 100,000 jobs in the UK by 2030, contributing significantly to economic growth.
Zoisa North-Bond, CEO of Octopus Energy Generation, expressed her enthusiasm about the potential of offshore wind technology, stating, “Offshore wind has already rapidly transformed the UK’s energy system – and we’re excited about its global potential. We’ve planned significant investments to help transition away from polluting gas and contribute to achieving net zero, while enhancing energy security and affordability.”
Octopus Energy’s strategic approach and comprehensive understanding of the energy supply chain, as part of Octopus Energy Group, position the company at the forefront of sustainable energy initiatives. The $20 billion investment in offshore wind represents a significant milestone in accelerating the adoption of renewable energy worldwide.
