Octopus Energy to Invest $20 Billion in Offshore Wind by 2030

Octopus Energy has announced plans to invest £15.5 billion in offshore wind projects and farms by 2030.

The British energy group’s renewables generation arm said the money will go towards the generation of 12 gigawatts of renewable electricity per year, which is enough to power 10 million homes.

The investment will be targeted at existing wind farms, or those already under construction, as well as developers of new offshore wind across the world, with a focus on Europe.

The sustainable energy and technology group, which already manages £6 billion of green energy projects globally, revealed that it already has “several deals” in the pipeline.

It said the investment would deliver more clean energy worldwide as well as create “numerous” jobs.

Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Offshore wind has already rapidly transformed the UK’s energy system – and we’re incredibly excited about the potential for this technology globally.

“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.”

The group already has stakes in the Lincolnshire and Hornsea One offshore wind farms off the east coast of England, and acquired the Borssele V wind farm in the Netherlands.

It has also invested in Simply Blue, a developer of innovative floating offshore wind projects, a type of offshore wind technology that taps into strong winds deeper out at sea.

Work stopped on one of the UK’s largest offshore wind farms after its developer, Swedish energy giant Vattenfall, said that the cost of the project had soared by so much it no longer made financial sense to push forward.

Vattenfall said market conditions had deteriorated since it signed a contract that fixes the price of the electricity it sells for 15 years, and it plans to review two other projects in the area, known as Vanguard East and Vanguard West.