Octopus Energy, a prominent player in the green energy market managing $7.7 billion (£6 billion) worth of renewable energy projects worldwide, has made a remarkable announcement today. The company plans to invest a staggering $20 billion (£15 billion) in offshore wind projects by 2030, a move that will accelerate the energy transition, enhance energy security, and reduce utility bills for millions.
The ambitious investment is set to facilitate the generation of an impressive 12 GW of renewable electricity capacity, sufficient to power over 10 million households globally. Octopus Energy’s ambitious target is not confined to a specific region; rather, it aims to support offshore wind projects across the globe, with a strong focus on Europe. Already in possession of several deals in the pipeline, Octopus will support both new offshore wind farm developments and those currently under construction or operational.
The company ventured into the offshore wind farm market just last year but has rapidly solidified its position with five offshore deals amounting to a total of $1 billion (£800 million). Among its successful ventures are stakes in the Lincs offshore wind farm and the massive Hornsea One wind farm, both situated off the east coast of England. Furthermore, Octopus Energy acquired the Borssele V wind farm in the Netherlands, which features some of the world’s largest turbines. The company’s innovative approach extends to backing Simply Blue, a developer pioneering floating offshore wind projects that harness strong winds further out at sea.
The benefits of scaling investment in offshore wind go beyond environmental gains. Alongside producing clean energy, it will open up numerous job opportunities. Projections indicate that the offshore wind sector will create over 100,000 jobs in the UK alone by 2030.
Zoisa North-Bond, CEO of Octopus Energy Generation, expressed her enthusiasm for the potential of offshore wind technology globally. She highlighted the pivotal role it plays in achieving net-zero emissions, enhancing energy security, and reducing energy costs. Octopus Energy’s commitment to investing in these projects showcases its dedication to reducing reliance on polluting gas and embracing sustainable energy alternatives.