Magazine

Last edition
november-december 2024

Home › Investment & Trading ›Octopus Energy to Outlay USD 20 Billion in Offshore Wind by 2030

Octopus Energy to Outlay USD 20 Billion in Offshore Wind by 2030

Octopus has stakes in the Lincs offshore wind farm and one of the globally greatest wind farms, Hornsea One – both off the east coast of England – and it acquired the Borssele V wind farm in the Netherlands, which has some of the world’s largest turbines.

July 25, 2023. By EI News Network

Octopus Energy’s generation arm plans to invest USD 20 billion into offshore wind globally by 2030.

This will move towards the production of 12 GW of renewable electricity a year, sufficient power for 10 million homes.

Octopus is aiming projects all over the world, majorly in Europe, and already has several deals in the pipeline. It will support developers of new offshore wind farms along with wind farms that are under construction or operational.

Octopus has stakes in the Lincs offshore wind farm and one of the globally greatest wind farms, Hornsea One – both off the east coast of England – and it acquired the Borssele V wind farm in the Netherlands, which has some of the world’s largest turbines.

It also assists Simply Blue, a developer of innovative floating offshore wind projects, a kind of offshore wind technology that harnesses strong winds deeper out at sea.

Escalating investment in offshore wind will not only generate more clean energy but also various job opportunities. Also, the assessment is made as in the offshore wind sector will create more than 100,000 jobs by 2030 in the UK.

Zoisa North-Bond, CEO of Octopus Energy Generation, stated, “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.”

Octopus Energy is a global energy and technology group, driving the affordable, green energy system of the future. Its operations are spread across 14 nations and the complete energy value chain. The group invests in, constructs and flexibly manages renewable energy, operating a £6 billion portfolio of projects – one of Europe’s largest.

Tags:

Investment & Trading

Octopus Energy

Offshore Wind Projects

Netherlands

Renewable electricity generation

Offshore wind industry