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Octopus Energy, a British renewable energy group, announced its plans to invest $20 billion in offshore wind by 2030.
The investment will go toward the generation of 12 gigawatts of renewable electricity capacity, which will power 10 million businesses and homes. Octopus Energy currently manages $7.7 billion worth of green energy projects globally.
The company already has several targets in mind across the globe, with a focus on Europe, and several deals already in the pipeline. The company said it will back developers of new offshore wind farms and existing wind farms that are already operational or under construction. Octopus Energy has already invested $1 billion in the offshore wind space since entering the market last year with five offshore deals.
“Offshore wind has already rapidly transformed the U.K.’s energy system – and we’re incredibly excited about the potential for this technology globally,” Zoisa North-Bond, CEO of Octopus Energy Generation, said in a statement. “We’ve got big plans to invest in even more of these big fans to help wean ourselves off polluting gas. Offshore wind will undoubtedly continue to play a pivotal role in meeting net zero, boosting energy security and driving down bills.”
Octopus Energy’s investments in the space include English coast offshore wind farms Lincs, and Hornsea One, one of the world’s largest wind farms. The company also acquired the Borssele V wind farm in the Netherlands, which has some of the world’s largest turbines. Octopus Energy also backed Simply Blue, which develops offshore floating wind projects that can tap into stronger sea winds. Earlier this year the company committed nearly $2 billion toward energy projects in Asia.
The news comes as offshore wind is taking off with renewed interest from investors, particularly in Europe. Just last month, Irish utility ESB and renewable energy provider Ørsted agreed to jointly develop an offshore wind portfolio in Ireland. The deal will produce up to 5 gigawatts of renewable energy and complementary hydrogen projects. The European Commission also recently approved a $2.23 billion French measure to support offshore wind electricity production in France.
The U.S., key industry players are thinking of how to flesh out the wind power infrastructure as the project pipeline for offshore projects expands. The interest and use of wind power is rising, with Great Britain reaching a new record for wind power generation at the end of 2022.