Octopus Energy’s generation arm has taken a 12.5% stake in the 660MW Walney Extension offshore wind farm.
Located in the northwest of England, off the coast of Barrow-in-Furness in the Irish Sea and operated by Ørsted, the 87 turbine windfarm has been operational since 2018.
The investment was made by the new £3 billion Octopus Energy Offshore Wind fund – set up with following investment from Tokyo Gas – and the Sky fund (ORI SCsp) which are both managed by Octopus Energy Generation.
Walney Extension – which held the title of the largest offshore wind farm in the world before sister sites Hornsea One (1.2GW total capacity) and Hornsea Two (1.32GW total capacity) became operational – is the sixth offshore wind farm that Octopus has invested in since 2022.
Other Octopus-supported projects include Hornsea One and Lincs in the UK. Internationally, the company has invested in the 288MW Butendiek project in Germany, alongside two offshore wind farms in the Netherlands.
“The future for offshore wind is here and now – and just this year, wind power overtook gas in Britain. 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,” said Zoisa North-Bond, CEO of Octopus Energy Generation.
“We’re overjoyed to make this investment after we recently announced our Offshore Wind Fund, and we’ll continue to rapidly scale our offshore wind activity globally.”