Deep Wind Welcomes New Offshore Wind Investor

Business & Finance

September 7, 2023, by Adnan Memija

Offshore wind developer, Deep Wind Offshore, has secured Octopus Energy as a new investor to accelerate international expansion and strengthen Norwegian projects, according to the company.

Octopus Energy will join the ownership side of the company, Deep Wind Offshore said, together with the existing industrial owners Knutsen OAS, Haugaland Kraft, and SKL.

Deep Wind Offshore was founded in Norway in January 2021 and has partnerships with large energy companies such as EDF Renewables and BP.

The company has a pipeline of projects in Norway, Sweden, and South Korea. Deep Wind aims to build 10 GW of new offshore wind by 2032, with 2 GW under exclusive development in South Korea.

Deep Wind says that Octopus’ investment, funded purely by UK pension capital, will accelerate the firm’s growth and further develop the company’s pipeline of fixed and floating offshore wind farms, also towards new markets.

“The support from Octopus combined with our expertise means that we now have the strength to grow significantly, also internationally. The investments from Octopus and our connection with Norwegian municipalities ensure that we will not only provide plenty of renewable energy, but also a basis for future growth on both sides of the North Sea,” said Knut Vassbotn, CEO of Deep Wind Offshore.

The agreement comes in the wake of Octopus’ announcement to release USD 20 billion in investment for offshore wind globally.

It marks Octopus’ entry into Norway and South Korea’s renewable markets and increases the project portfolio of Octopus Energy Generation to 15 countries.

“Working with Deep Wind Offshore is hugely exciting, providing access to new offshore wind markets for us where they have deep expertise. 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,” said Zoisa North-Bond, CEO of Octopus Energy Generation.

Octopus already has shares in the Lincs offshore wind farm and one of the world’s largest wind farms, 1.2 GW Hornsea One in England, as well as the Borselle V wind farm in the Netherlands.

They are also investing in Simply Blue, a floating offshore wind developer.