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Octopus Energy invests in British offshore wind farm

Octopus Energy has invested in a 12.5% stake of the Walney Extension offshore wind farm as the company rapidly scales its offshore wind activity to boost energy security in the UK.

Image: PixabayImage: Pixabay

Walney Extension offshore wind farm is a 660 MW wind farm, which is among the world’s top 10 largest wind farms. The wind farm is made up of 87 turbines and has been operational since 2018. It produces clean power for nearly 600,000 homes. It is located in the Irish Sea off the coast of Barrow-in-Furness in the north west of England, amongst a cluster of offshore wind farms in an area with strong wind resources.

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. This latest investment was made by the newly launched £3 billion Octopus Energy Offshore Wind fund - set up with a cornerstone investment from Tokyo Gas - and the Sky fund (ORI SCsp), both managed by Octopus Energy Generation.

Zoisa North-Bond, CEO of Octopus Energy Generation, said: “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 UK’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.”

Octopus Energy
Windfair Editors
Octopus Energy, UK, investment, stake, Walney Extension, offshore, wind farm, electricity, market

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