Octopus Energy announces billion-dollar investment in offshore wind energy

Octopus Energy's generation division, which manages $7.7 billion worth of green energy projects worldwide, plans to invest $20 billion in more offshore wind by 2030 to create 12 GW of renewable electricity capacity. This could power 10 million homes with green energy.

Octopus intends to go global, although its focus will be on Europe, according to the company. Currently, Octopus already has several projects in the pipeline. It intends to act as a developer of new offshore wind farms as well as support wind farms under construction or in operation.

Last year, Octopus Energy first entered the offshore wind farm market and has since closed five offshore deals totaling $1 billion, including Hornsea One, one of the largest offshore wind farms in the world. In the Netherlands, the company has acquired shares in Borssele V, home to some of the world's largest turbines.

Zoisa North-Bond, CEO 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. 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.”