Octopus Energy’s generation division plans to invest £15 billion in offshore wind projects by 2030.
This substantial investment aims to generate 12GW of renewable electricity annually, which would be sufficient to power around 10 million households.
The company’s focus is on projects worldwide, particularly in Europe, where it already has multiple agreements in progress.
Octopus Energy intends to support developers of new offshore wind farms, as well as those currently under construction or already operational.
Last year, the global energy and technology group entered the offshore wind farm market and has since executed five deals totaling £800k.
Among its existing ventures, Octopus holds stakes in the Lincs offshore wind farm and Hornsea One, both located off the eastern coast of England.
Additionally, the company acquired the Borssele V wind farm in the Netherlands. Furthermore, Octopus backs Simply Blue, a developer specializing in innovative floating offshore wind projects that harness powerful winds further out at sea.
Chief executive of Octopus Energy Generation, Zoisa North-Bond, 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.”
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