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Octopus Energy invests $20 billion in offshore wind power by 2030

Octopus Energy is investing $20 billion in offshore wind power to produce 12 GW of renewable energy, accelerating the energy transition and enhancing security while reducing bills for over 10 million households worldwide.

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Invested to generate wind power for over 10 million homes worldwide, it will accelerate the energy transition, boost energy security and reduce London bills.

Octopus Energy invests 20 billion to build 12 GW of offshore wind power by 2030

The power generation arm of Octopus Energy, which manages $7.7 billion (£6 billion) of green energy projects worldwide, today announced plans to unlock $20 billion (£15 billion) of investment in offshore wind by 2030.

This will generate 12 GW of renewable electricity, enough to power 10 million homes. Octopus targets projects worldwide, with a focus on Europe – and already has several contracts in the pipeline. It will support developers of new offshore wind farms, as well as wind farms under construction or in operation. The global energy and technology group entered the offshore wind farm market for the first time last year and has since signed five offshore agreements, worth a total of $1 billion (£800 million).

Octopus has an interest in the offshore wind farm of Lincs and one of the world’s largest wind farms, Hornsea One – both off the east coast of England – and has acquired the wind farm Borssele V in the Netherlands, which boasts some of the world’s largest turbines.

Octopus Energy: Major investments in offshore wind power and job creation

It also supports Simply Blue, a developer of innovative floating offshore wind projects, a type of offshore wind technology that taps into strong winds deeper offshore. Increased investment in offshore wind power will not only create more clean energy, but also numerous job opportunities. According to the latest forecasts, the offshore wind sector will create over 100,000 jobs by 2030 in the UK alone.

Zoisa North-Bond, CEO of Octopus Energy Generation, said, “Offshore wind has already rapidly transformed the UK’s energy system, and we’re extremely excited to see the potential of this technology on a global scale. We have big plans to invest in even more of these big fans to help wean us off polluting gas. Offshore wind power will undoubtedly continue to play a vital role in achieving carbon neutrality, boosting energy security and lowering bills.”

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