Octopus Energy backs offshore wind power

Octopus Energy’s generation arm announces its investment in Deep Wind Offshore, an international offshore wind developer with a pipeline of projects in Norway, Sweden, and South Korea.
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 compa-nies Knutsen OAS, Haugaland Kraft, and Sunnhordland Kraftlag. Since launching in January 2021, it has grown rap-idly across the globe and entered 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 follows hot on the heels of Octopus’ announcement to unleash $20 billion (£15 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 Octopus Energy Generation has projects to 15.

Forecasts estimate the offshore wind sector could be worth $1 trillion by 2030 spanning across at least 24 markets, highlighting the scale of the industry’s growth potential.

“The potential for offshore wind is absolutely massive and in many ways we’re only at the start of this burgeoning industry. Working with Deep Wind Offshore is hugely exciting, providing access to new offshore wind markets for us where they have deep expertise,” said Zoisa North-Bond, CEO of Octopus Energy Generation. “Ultimately, the more offshore wind farms built across the globe, the quicker we can drive down bills and create a more secure energy system for everyone.”

“Welcoming Octopus as an investor will enable Deep Wind Offshore to fast-track international growth and strengthen its position in Norway,” added Knut Vassbotn, CEO of Deep Wind Offshore. “Knutsen Group, Haugaland Kraft and SKL have provided the ideal foundation for the company and are committed to continue supporting the business. The backing of Octopus combined with our expertise means we now have the strength to rapidly grow internationally. The investments from Octopus and our connection to Norwegian municipalities ensures that we not only will provide abundant renewables, but also a foundation for the future growth across The North Sea.”