Octopus Energy plans add to its existing generating portfolio, committing around $20bn (£15bn) in global offshore wind projects by 2030.
Under the investment drive mooted by Octopus Energy Generation – the power production arm of UK energy group – the £15bn commitment will be enough to support around “12GW of renewable electricity per year, which it says would be enough to power roughly 10 million homes.
The unit already manages around 3.2 GW of renewable energy assets like wind and solar farms across 13 countries- a portfolio or around £6bn billion – and will target its next investments at projects around the globe, with a focus on Europe.
This includes “several deals” already in the pipeline, it said on Monday. These include backing developers of new offshore wind farms, and acquiring stakes in wind farms that are under construction or operational.
The group entered the offshore wind farm market last year and has since made five offshore deals, amounting to a total of £800m so far.
This includes stakes in the Lincs offshore wind scheme, in which it recently boosted its position to 31%, as well as the Orsted-backed Hornsea One.
In Dutch waters, the group also acquired the Borssele V wind farm in the Netherlands – a smaller two-turbine, 19MW innovation project within the larger 1.5 GW Borssele wind farm site in the North Sea.
Octopus has also invested in Simply Blue, a floating offshore wind developer with a pipeline of projects across the US, Europe and UK.
Octopus Generation CEO Zoisa North-Bond 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.”
Other projects backed by the energy group include Xlinks’ plans to lay a high-voltage direct current (HVDC) line from Morocco to the UK, passing Portugal, Spain and France. The project aims to deliver 3.6GW of clean energy to the UK, equal to around 8% of consumption.
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