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.

Share:

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.”

Ecopetrol S.A. finalises the acquisition of Wind Autogeneración from Enel S.A.S., thereby taking over the Windpeshi wind project in Colombia, with a planned capacity of 205 MW, aimed at the Colombian oil group's energy self-consumption.
Oceanic Wind Energy Inc. and Coast Tsimshian Enterprises Ltd. secured an exclusive investigative use permit in the Hecate Strait, paving the way for Canada's first major offshore wind project, targeting capacity of up to 700 MW.
German manufacturer Nordex will supply 13 N163/6.X wind turbines to developer SAB WindTeam for a 91 MW wind farm in Brandenburg, with commissioning scheduled for early 2027 and an extended 20-year service agreement.
EDF is delaying the start-up of the Calvados offshore wind farm by more than two years, citing extended adjustments to a drilling tool vital for installing the sixty-four monopile foundations off Courseulles-sur-Mer.
German company NeXtWind signs historic €1.4 billion debt financing to accelerate expansion and modernisation of its onshore wind farms and reach a total capacity of 3 GW by 2028.
Energy company TGS has won a major high-resolution geophysical imaging contract for offshore wind site characterization in Norway, strengthening its position in this rapidly growing market.
Iberdrola Australia secures crucial approval from Australian authorities to begin metocean studies for its 3GW Aurora Green offshore project off the coast of Victoria, marking a decisive stage in its development.
ENGIE begins full operation of the Red Sea Wind Energy wind farm in Egypt, increasing its capacity to 650 MW, four months ahead of schedule, now powering over one million homes in the region.
Tokyo Gas, through TOWII Renewables, a joint venture with EWII, purchases two onshore wind projects developed by Finnish company Puhuri, totalling 74.4 MW, marking its expansion beyond the Danish market.
The European Investment Bank grants EWE AG historic €450mn financing for the installation of 2,600 km of underground power lines and the upgrade of over 1,100 substations in Lower Saxony.
Japan’s Ministry of Industry and Siemens Gamesa Renewable Energy launch a strategic partnership to develop local offshore wind supply chains and strengthen the country's industrial competitiveness in this energy sector.
Energiekontor AG confirms financial close for the Nartum wind farm, adding 23 megawatts to its owned portfolio and starting the construction phase in the Rotenburg district, Lower Saxony.
Airloom Energy begins construction of a pilot site in Wyoming to test an innovative turbine aimed at enhancing American energy security in the face of anticipated growth in electricity demand.
ACCIONA Energía transfers the San Juan de Marcona wind farm to Luz del Sur S.A.A., a major player in Peru's energy sector, for up to USD 253 million, pending necessary regulatory approvals.
German operator Encavis AG strengthens its portfolio by acquiring two wind farms in Lower Saxony and Saxony, totalling 59 MW, in a transaction with Energiequelle GmbH, thereby expanding its renewable energy assets.
Ocergy officially launches an industrial project aiming to install by 2028 a new-generation floating wind turbine of over 15 MW, in partnership with EnBW, Kyuden Mirai, and TEPCO Renewable Power.
France officially commissions its first floating wind farm, consisting of three turbines with a combined capacity of 25 megawatts, introducing strategic technology in the Mediterranean, vital for national energy goals.
Inaugurated on 20 June, the five-turbine plant of wpd onshore France feeds 18 MW into the grid and unlocks new tax revenue for four Côtes-d’Armor municipalities.
Statkraft refocuses investments on flexible Nordic hydropower and reduces commitments in offshore wind and hydrogen to lower operating costs, amid an uncertain economic environment and pressured profitability.
Suzlon Group receives third consecutive order from AMPIN Energy Transition to supply 170.1 MW of wind turbines for a project in India's Andhra Pradesh state, strengthening their strategic industrial partnership.