Wind Energy – Fund
Octopus Energy’s generation arm – which manages £6 billion (€7 billion) of green energy projects – launches its first-ever offshore wind fund.
The fund, set up with a £190 million (€220 million) cornerstone investment from Japanese energy giant Tokyo Gas, plans to invest £3 billion (€3.5 billion) in offshore wind globally by 2030.
Projects will focus on Europe to reduce fossil fuel reliance and boost energy security.
The Octopus Energy Offshore Wind fund will invest in the development, construction, and operational stage of offshore wind farms, as well as companies creating new offshore wind.
It will look at both traditional offshore wind turbines which are fixed to the seabed and floating offshore wind turbines which harness strong winds deeper at sea.
Octopus first invested in offshore wind farms last year with its stakes in Hornsea One and Lincs in the UK. Since then it has rapidly scaled its activity, backing one of Europe’s largest farms, Borssele III & IV in the Netherlands.
It has also invested in developers of new offshore wind farms with projects in countries including South Korea, Norway, Sweden, Ireland, Spain, and more.
Zoisa North-Bond, CEO of Octopus Energy Generation said: “It’s absolutely brilliant to launch our first-ever fund dedicated solely to offshore wind investment together with such a visionary partner Tokyo Gas. The potential to make a positive impact, boost energy security and reduce fossil fuels dependence is massive with offshore wind.”
“This latest partnership further deepens Octopus Energy’s relationship with Tokyo Gas – and we look forward to welcoming on board more investors so together we can tap into this huge offshore wind opportunity worldwide.”