UK-based Octopus Energy announced today that its power generation arm has reached $1 billion in offshore wind investments in less than a year, with ambitious plans for further growth in the sector in 2023.
Octopus Energy increases its stake in Lincs offshore wind farm
As part of this growth strategy, Octopus has also increased its stake in the Lincs offshore wind farm, located on the east coast of England, to 31%. The farm is equipped with 75 wind turbines covering 35 square kilometers, producing enough clean energy to power 240,000 British homes each year.
Octopus Energy increases investments in offshore wind energy
This is Octopus’ fifth acquisition in the offshore wind sector in less than a year, following the acquisition of the Borssele V offshore wind farm in the Netherlands, the partnership with Nest and GLIL to take a stake in the Hornsea One offshore wind farm, and the increase in its stake in innovative floating wind energy developer Simply Blue.
A strong commitment to the energy transition
Octopus Energy is one of Europe’s largest investors in renewable energy, with nearly £6 billion of green energy projects under management. Britain has 11 GW of offshore wind capacity – one of the highest in the world – with recent government plans to accelerate planning approvals for offshore wind farms.
According to Alex Brierley, co-head of Octopus Energy Generation’s fund management team, “It is clear that offshore wind will continue to play a key role in the UK’s energy security. There is still huge untapped potential and a strong appetite for investment to develop this technology to reduce our dependence on expensive fossil fuels.”
