Octopus Energy will invest £15 billion into offshore wind by 2030, which will go towards the generation of 12 GW of renewable electricity a year, enough power for 10 million homes.
Octopus Energy Generation CEO Zoisa North-Bond said offshore wind “will undoubtedly continue to play a pivotal role in meeting net zero, boosting energy security and driving down bills.”
Octopus is targeting projects across the globe, with a focus on Europe and says it 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.
The global energy and technology group first entered the offshore wind farm market last year and has since made five offshore deals, amounting to a total of £800 million.
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Octopus 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.
North-bond added that offshore wind has already “rapidly transformed the UK’s energy system” and that the provider is “incredibly excited about the potential for this technology globally.”
Elsewhere, Octopus also supported music festival Glastonbury to install a wind turbine that produced up to 300 kWh of energy each day, providing energy via a microgrid to feed the festival’s 200,000 attendees.
