Octopus Energy to Pour Billions in Offshore Wind Globally by 2030

Business & Finance

July 24, 2023, by Adnan Memija

UK green energy supplier Octopus Energy Group has announced that it will invest, through its generation arm, USD 20 billion (about GBP 15 billion) into offshore wind by 2030.

Illustration; Hornsea One offshore wind farm; Photo source: Ørsted

The company said that this will go towards the generation of 12 GW of renewable electricity a year, enough to power 10 million homes.

Octopus is targeting projects across the globe, with a focus on Europe, and already has several deals in the pipeline.

It will back developers of new offshore wind farms as well as projects that are under construction operational, according to the press release.

The UK company has stakes in the 270 MW Lincs offshore wind farm and one of the world’s largest wind farms, the 1.2 GW Hornsea One, both located on the east coast of England.

At the end of last year, the firm also signed a Power Purchase Agreement (PPA) with Shell Energy to receive electricity generated by the Dogger Bank offshore wind farm.

“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”, said Zoisa North-Bond, CEO of Octopus Energy Generation.

Octopus also backs Simply Blue, a developer of floating offshore wind projects, a type of offshore wind technology that taps into strong winds deeper out at sea.

“Offshore wind will undoubtedly continue to play a pivotal role in meeting net zero, boosting energy security and driving down bills”, said North-Bond.

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The news comes days after Vattenfall announced last week that it would stop the development of its Norfolk Boreas offshore wind power project due to rising costs.

The UK raised its 2030 offshore wind target to 50 GW last year and the government has also decided to accelerate the permitting processes to achieve the new goal.