Home » Octopus Energy to invest $20bn in offshore wind by 2030

Octopus Energy to invest $20bn in offshore wind by 2030

by Liam Turner
An offshore wind turbine

Octopus Energy Generation has announced plans to invest $20bn (c.£15.4bn) in offshore wind globally by 2030, aiming to boost energy security and reduce dependence on fossil fuels.

The firm, part of Octopus Energy Group, based in the UK, said the Europe-focussed investment will generate 12 gigawatts (GW) of renewable electricity each year.

That’s enough to power around 10 million homes.

Offshore wind ‘pivotal’

Commenting on the move, Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Offshore wind has already rapidly transformed the UK’s energy system, and we’re incredibly excited about the potential for this technology globally.

“Offshore wind will undoubtedly continue to play a pivotal role in meeting net zero, boosting energy security, and driving down bills.”

Octopus has not clarified how it plans to raise the funds for the investment.

The announcement comes after Swedish utility Vattenfall said it would stop development of its British Norfolk Boreas offshore wind project, citing rising costs.

Britain currently has 11GW of offshore wind capacity, and the government plans to speed up planning approvals in order to deliver more offshore wind farms.

Since Octopus Energy Generation entered the offshore wind market in 2022, it has made five deals amounting to a total of $1bn (c.£770m).

The firm manages $7.7bn (£5.93bn) worth of green energy projects around the world.

Image credit: fokke baarssen/Shutterstock

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