Octopus Energy Buys Stake in 660 MW Wind Farm Offshore UK

Business & Finance

November 27, 2023, by Adnan Memija

Octopus Energy’s generation arm has taken a 12.5 per cent stake in the 660 MW Walney Extension offshore wind farm located in England.

Walney Extension Octopus Energy — *Credit: Ørsted*

Octopus Energy bought the stake in Walney Extension from AIP Management, the investment manager for Danish pension fund PKA and PFA.

The wind farm features 87 wind turbines, each taller than the 158-metre-high Blackpool tower. The offshore wind project has been operational since 2018 and produces clean power for nearly 600,000 homes.

The Walney Extension offshore wind farm is located in the Irish Sea off the coast of Barrow-in-Furness in the northwest of England.

The deal marks the sixth offshore wind farm Octopus has invested in since last year. The company has backed Hornsea One and Lincs in the UK as well as two offshore wind farms in the Netherlands, and one in Germany just weeks ago.

The latest investment was made by the newly launched GBP 3 billion Octopus Energy Offshore Wind fund, set up with a cornerstone investment from Tokyo Gas, and the Sky fund, both managed by Octopus Energy Generation.

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“The future for offshore wind is here and now – and just this year, wind power overtook gas in Britain. The UK is already a world leader in offshore wind and we’re confident this secure and home-grown energy source will play an even bigger role in the country’s energy mix. We’re overjoyed to make this investment after we recently announced our Offshore Wind Fund, and we’ll continue to rapidly scale our offshore wind activity globally,” said Zoisa North-Bond, CEO of Octopus Energy Generation.

The investment follows Octopus’ plans to unleash GBP 15 billion into the offshore wind sector globally by 2030.

The company has also invested in developers of new offshore wind farms with projects in countries including South Korea, Norway, Sweden, Ireland, Spain, and more.