Octopus Energy’s generation arm has launched a £3 billion offshore wind fund following a £190 million investment from Japanese energy giant Tokyo Gas.
Focussing on Europe, the fund will invest in development, construction, and operational stage offshore and floating offshore wind farms, as well as companies looking to build new projects.
Octopus has said it plans to invest the entire £3 billion by 2030.
“It’s absolutely brilliant to launch our first ever fund dedicated solely to offshore wind investment together with such a visionary partner Tokyo Gas. The potential to make a positive impact, boost energy security and reduce fossil fuels dependence is massive with offshore wind,” said Zoisa North-Bond, CEO of Octopus Energy Generation.
“This latest partnership further deepens Octopus Energy’s relationship with Tokyo Gas – and we look forward to welcoming on board more investors so together we can tap into this huge offshore wind opportunity worldwide.”
In December 2020, Octopus Energy entered into a strategic partnership with Tokyo Gas, to launch its brand int Japan, operated by both companies as Octopus Energy TG. The agreement also saw Tokyo Gas take a 9.7% equity stake for consideration of $200 million (£160 million).
Octopus has so far invest in the two UK windfarms Hornsea One and Lincs. The company is also investing in new offshore wind projects within Europe and recently made its first investment in the German market.
Butendiek is a 80-turbine windfarm with a capacity of 288MW that has been operational in Germany since 2015. Last week, (13 November) Octopus announced it has taken a 5% stake in the windfarm as part of its decision to provide over €1 billion (£876 million) of investment into green energy and infrastructure in Germany by 2030.
“Germany is a global trailblazer in offshore wind and en route to becoming Europe’s largest offshore wind market,” added North-Bond.
“We are thrilled to have made our first investment in the sector and plan to help the country achieve its ambitious target, with more deals across a range of renewable technologies coming soon.”