Octopus Energy’s generation arm has launched its first-ever offshore wind fund, the Octopus Energy Offshore Wind fund, with a cornerstone investment of £190 million from Tokyo Gas, a Japanese energy giant . The fund aims to invest £3 billion in offshore wind globally by 2030, with a focus on Europe to reduce fossil fuel reliance and boost energy security . The fund will invest in the development, construction, and operational stages of offshore wind farms, as well as companies creating new offshore wind. The Octopus Energy Offshore Wind fund will invest in both traditional offshore wind turbines, which are fixed to the seabed, and floating offshore wind turbines, which harness strong winds deeper at sea .
This is the next step in Octopus’ plans to unleash £15 billion into this sector and unlock green energy for millions of homes globally by 2030 . Octopus Energy’s offshore wind fund has been rapidly scaling its activity since its first investment in offshore wind farms last year with stakes in Hornsea One and Lincs in the UK. It has backed one of Europe’s largest farms, Borssele III & IV in the Netherlands, and invested in developers of new offshore wind farms with projects in countries including South Korea, Norway, Sweden, Ireland, Spain, and more.
Offshore wind is already one of the most important renewable sources, with 64 GW of installed capacity globally. According to GWEC Market Intelligence, offshore wind capacity is expected to grow by over 380 GW in the next decade (2023-2032), bringing the total offshore wind capacity to 447 GW by the end of 2032. The fund is aimed at boosting energy security and reducing global reliance on dirty fossil fuels . Zoisa North-Bond, the CEO of Octopus Energy Generation, expressed her excitement on the launch of their first-ever fund dedicated solely to offshore wind investment in partnership with Tokyo Gas. She believes that the potential to make a positive impact, boost energy security, and reduce fossil fuels dependence is massive with offshore wind.