Monday 24 July 2023

Octopus makes a splash: $20bn offshore wind investment by 2030

Octopus Energy's generation arm has unveiled ambitious plans to invest $20 billion (£15 billion) in offshore wind by 2030.

This investment aims to generate 12GW of renewable electricity annually, which would be sufficient to power approximately ten million households.

Last year, the energy group ventured into the offshore wind farm market and has since made five deals, totalling $1 billion (£800k).

Octopus Energy has stakes in notable offshore wind farms, such as Lincs and Hornsea One, located off the east coast of England.

Additionally, it has acquired the Borssele V wind farm in the Netherlands, which boasts some of the world's largest turbines.