Octopus Energy Generation has announced that it will invest $20 billion into offshore wind by 2030, with the money set to be spent globally.
While Octopus Energy is best known as one of the UK’s largest energy providers, the company also has a significant stake in generating its own renewable electricity. In fact, Octopus Energy Generation currently manages $7.7 billion worth of green energy projects globally.
Given the increased focus towards renewables in the wake of both climate change and the ongoing energy crisis, Octopus Energy has announced that it will invest even more money into the installation of renewables over the next seven years.
Octopus Energy is targeting a $20 billion investment in offshore wind by 2030, which will go towards the generation of 12 GW of renewable electricity capacity – which the company notes could power up to 10 million homes.
The projects are set to be located across the globe, although it’s expected that a large portion of the fund will be spent on the company’s home continent – Europe. According to Octopus Energy, several deals are already in the pipeline.
It’s not all too surprising to see Octopus Energy up its investment in offshore wind, having first entered the market last year. Since then, it has made five offshore deals, amounting to a total of $1 billion. The company is also wanting to increase its presence in the onshore wind market, with schemes such as ‘Plots for Kilowatts’.
Octopus Energy has stakes in the Lincs offshore wind farm and one of the world’s largest wind farms, Hornsea One – both off the east coast of England – and it acquired the Borssele V wind farm in the Netherlands, which has some of the world’s largest turbines.
It 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.
Zoisa North-Bond, CEO of Octopus Energy Generation, noted, “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.”