Octopus takes 12.5% stake in offshore wind farm

Octopus Energy’s generation arm has acquired a 12.5% stake in the Walney Extension offshore wind farm in the Irish Sea

Big Zero Report 2023

Octopus Energy’s generation arm has acquired a 12.5% stake in the Walney Extension offshore wind farm.

With a capacity of 660MW, the wind farm stands among the world’s largest, featuring 87 towering turbines operational since 2018.

Situated in the Irish Sea off the coast of Barrow-in-Furness, the wind farm contributes to the clean power supply for nearly 600,000 homes.

This investment represents Octopus’s sixth venture into offshore wind farms since the previous year.

The deal was orchestrated through the recently introduced £3 billion Octopus Energy Offshore Wind fund and the Sky fund, both managed by Octopus Energy Generation.

Octopus Energy secured its stake in the Walney Extension by acquiring it from AIP Management, the investment manager for Danish pension funds PKA and PFA.

Zoisa North-Bond, Chief Executive Officer of Octopus Energy Generation, said: “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 country’s energy mix.”

Make sure you check out the latest Net Hero Podcast episode: