Octopus Energy’s generation division has introduced its inaugural offshore wind fund, supported by a substantial £190 million initial investment from Tokyo Gas, a prominent Japanese energy company.
The fund aims to allocate £3 billion for global offshore wind projects by 2030, with a primary focus on European initiatives to decrease reliance on fossil fuels and enhance energy security.
The Octopus Energy Offshore Wind fund is designed to support the development, construction, and operational phases of offshore wind farms, along with ventures involved in pioneering offshore wind technologies.
The fund is open to investments in both traditional offshore wind turbines fixed to the seabed and innovative floating offshore wind turbines that harness powerful winds in deeper sea areas. This marks a significant stride in Octopus’ strategy to channel £15 billion into the sector, unlocking sustainable energy sources for millions of homes worldwide by the year 2030.
Octopus initially entered the offshore wind sector last year with investments in Hornsea One and Lincs in the United Kingdom. Subsequently, the company has rapidly expanded its involvement, endorsing major projects such as Borssele III & IV in the Netherlands, one of Europe’s largest offshore wind farms.
Additionally, Octopus has invested in the development of new offshore wind farms in various countries, including South Korea, Norway, Sweden, Ireland, Spain, and others.
Chief executive of Octopus Energy Generation, Zoisa North-Bond, 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.”
Representative corporate executive officer and vice president of Tokyo Gas, Kentaro Kimoto, said “Tokyo Gas and Octopus Energy have been providing more customers nationwide in Japan with clean electricity derived from renewable energy sources through TG Octopus Energy.”
“It is our pleasure that our commitment to the Fund is developing and reinforcing the strategic partnership with Octopus Energy for investments in the offshore wind space.”
“Tokyo Gas has set a target to acquire and trade 6GW renewable power sources by 2030.”
“To accomplish this goal, we have proactively taken multifaceted approaches for offshore wind projects, and will accelerate developments of offshore wind, including floating offshore wind.”
This agreement reinforces the strategic alliance between Octopus Energy Group and Tokyo Gas, which was established in 2020 to establish the energy provider Octopus Energy in Japan.
In the earlier part of this year, Octopus unveiled intentions to significantly expand its investments in renewable energy in the Asia-Pacific region, along with the expansion of its technological innovation and energy retail hub in Tokyo.
Moreover, Tokyo Gas recently acquired a license for Octopus’ technology platform, Kraken, aiming to enhance its services and accelerate the transition to a more sustainable energy system for its extensive customer base.
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