Energy giant Octopus Energy has confirmed that it is set to invest in international wind developer Deep Wind Offshore.
Via this new investment, the company will be able to create an offshore wind pipeline of around 10GW by 2032 across several different countries including Norway, Sweden and South Korea.
Octopus’ investment, an undisclosed amount being made via its generation arm, will accelerate Deep Wind Offshore’s growth and further develop the company’s pipeline of fixed and floating offshore wind farms, whilst also potentially funding projects in other markets.
This news comes hot off the heels of another Octopus Energy announcement made back in July 2023, when the company said it would invest £15 billion into offshore wind by 2030 with a view to generate 2GW of renewable electricity a year.
“The potential for offshore wind is absolutely massive and in many ways we’re only at the start of this burgeoning industry,” said Zoisa North-Bond, CEO of Octopus Energy Generation.
“Working with Deep Wind Offshore is hugely exciting, providing access to new offshore wind markets for us where they have deep expertise. Ultimately, the more offshore wind farms built across the globe, the quicker we can drive down bills and create a more secure energy system for everyone.”
Deep Wind Offshore was founded in Norway and is backed by leading Norwegian shipping and energy companies Knutsen OAS, Haugaland Kraft, and Sunnhordland Kraftlag. The firm launched in January 2021.
Knut Vassbotn, CEO at Deep Wind Offshore, said: “Welcoming Octopus as an investor will enable Deep Wind Offshore to fast-track international growth and strengthen its position in Norway. Knutsen Group, Haugaland Kraft and SKL have provided the ideal foundation for the company and are committed to continue supporting the business.
“The backing of Octopus combined with our expertise means we now have the strength to rapidly grow internationally. 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.”
Current± publisher Solar Media is hosting the third edition of its Wind Power Finance & Investment Summit Europe in London this 19-20 September. The conference will focus on investment strategies, alleviating bottlenecks, and which countries and technologies are the most exciting ahead as the industry sets to expand to help reach 2030 targets.
Packed with industry leaders representing financiers, investors, developers, government departments and more this is the leading conference for decision makers in the European wind industry. More information, including how to attend, can be read here.