Friday 8 September 2023

Octopus’ offshore wind tentacles reach Norway, Sweden and South Korea

Octopus Energy's generation arm has today announced it has invested in Deep Wind Offshore, an international offshore wind developer with projects in Norway, Sweden and South Korea.

Octopus aims to build 10GW of offshore wind capacity by 2032, including 2GW in South Korea.

Deep Wind Offshore, founded in Norway, is backed by Norwegian shipping and energy companies, such as Knutsen OAS, Haugaland Kraft and Sunnhordland Kraftlag.

Since its launch in January 2021, it has expanded globally and formed joint ventures with major energy players like EDF Renewables and bp.

Octopus' investment is expected to expedite Deep Wind Offshore's growth and enhance its portfolio of fixed and floating offshore wind farms, potentially extending to other markets.

This move aligns with Octopus' recent announcement of a $20 billion (£15 billion) investment in global offshore wind projects.

It also marks Octopus Energy Generation's entry into the renewable energy markets of Norway and South Korea, bringing the total number of countries with Octopus projects to 15.

Zoisa North-Bond, Chief Executive Officer of Octopus Energy Generation, emphasised the immense potential of offshore wind and the importance of expanding the industry to lower costs and create a more reliable energy system globally.

Knut Vassbotn, Chief Executive Officer at Deep Wind Offshore, said: "The investments from Octopus and our connection to Norwegian municipalities ensures that we not only will provide abundant renewables, but also a foundation for the future growth across the North Sea."

Octopus Energy already holds stakes in various offshore wind projects, including Lincs and Hornsea One in England, as well as the Borselle V wind farm in the Netherlands.