Octopus Energy’s generation arm has set up its first ever offshore wind fund with a £190 million ($233 million) cornerstone investment from Tokyo Gas.
The Octopus Energy Offshore Wind fund plans to invest £3 billion ($4 billion) in offshore wind globally by 2030. It will invest in development, construction and operational-stage offshore wind farms, as well as companies creating new offshore wind. Projects will focus on Europe to reduce fossil fuels reliance and boost energy security.
According to Octopus, it will look at both traditional offshore wind turbines, which are fixed to the seabed, and floating offshore wind turbines, which harness strong winds deeper at sea.
Octopus first invested in offshore wind farms in 2022 with its stakes in Hornsea One and Lincs in the United Kingdom. Since then, it has rapidly scaled its activity, backing one of Europe’s largest farms, Borssele III & IV in the Netherlands. In September, the company