Natural gas provider Tokyo Gas has invested in the offshore wind fund established in October 2022 by UK-based Octopus Energy.
The fund specialises in offshore wind investments and comprises a diversified portfolio of investments in offshore wind and development platforms.
Tokyo Gas will make an investment commitment of €220m ($238.5m) as a cornerstone investor, with the aim of increasing the fund size to a total of €3.5bn ($3.8bn) by 2030.
“As our first project, we concluded a transaction agreement to acquire a 5% stake in a 731.5MW offshore wind power generation asset in the Netherlands,” the Japanese company said.
Octopus Energy has so far invested €7bn ($7.6bn) euros in renewable energy power sources, mainly solar and onshore wind power in Europe, and has leveraged its own innovative digital technology and accumulated knowledge to make the business viable and return value to its investors.
Through this fund, Tokyo Gas and Octopus Energy will invest in and increase the value of offshore wind power, which is expected to grow significantly in the future. Through this, the two will contribute to the “spread of renewable energy power sources globally and contribute to the transition to a net-zero, decarbonized society.”
“Our goal is to expand the amount of renewable energy power we handle to 6m kW in 2030, and we are also working on offshore wind power from multiple angles, such as promoting ground-mounted projects and preparing for the social implementation of floating structures. Through investment in this fund, we will further accelerate these efforts,” Kentaro Kimoto, executive officer and VP of Tokyo Gas.
“Offshore wind is expected to become an approximately $1trn industry globally, with huge potential to reduce dependence on fossil fuels and have a positive impact. Through this fund, the two companies will further deepen their collaborative relationship and grow together by taking advantage of the huge global offshore wind investment opportunity,” Zoisa Bond, CEO of Octopus Energy Generation, added.