Octopus Energy to invest $20bn in offshore wind by 2030

Britain’s Octopus Energy is to invest $20bn through its generation unit in offshore wind by 2030.

The investment will go towards the generation of 12 GW of renewable electricity a year, enough power for 10m homes.

Octopus is targeting projects all over the world, 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 wind farms that are under construction or operational already.

Zoisa North-Bond, chief executive of Octopus Energy Generation, said: “Offshore wind has already rapidly transformed the UK’s energy system – and we’re incredibly excited about the potential for this technology globally.

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

Octopus manages $7.7bn worth of green energy projects globally. The company first entered the offshore wind farm market last year by buying into Lincs offshore wind farm and has since made five offshore deals, amounting to a total of $1bn, including one of the world’s largest wind farms, Hornsea One in the UK and the Borssele V wind farm in the Netherlands. It also backs floating wind developer Simply Blue Group.

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