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Octopus Energy outlines $20 bn spend for 12 GW offshore wind capacity by 2030

Octopus says the power generated will power 10 million homes. Image: Octopus Energy

Octopus Energy Generation, the power generation arm of UK-based Octopus Energy Group, said it plans to invest $20 billion in offshore wind assets by 2030.

The company, which manages $7.7 billion worth of green energy projects globally, said it aims to generate 12 gigawatts (GW) of renewable electricity a year, sufficient to power 10 million homes. 

CEO Zoisa North-Bond said in a statement: "Offshore wind has already rapidly transformed the UK's energy system – and we're incredibly excited about the potential for this technology globally. We've got big plans to invest in even more of these big fans to help wean ourselves off polluting gas. Offshore wind will undoubtedly continue to play a pivotal role in meeting net zero, boosting energy security and driving down bills." 

Octopus' announcement comes days after Sweden's Vattenfall said it would cease development of a planned 1.4 GW wind farm off the coast of Britain.

Octopus, which entered the offshore wind farm market last year, is scouting projects across the globe, with a focus on Europe.

It plans to back new offshore wind farms as well as under construction or operational wind farms, and has made five offshore deals, investing a total of $1 billion.

These include stakes in the Lincs offshore wind farm and Hornsea One – one of the world's largest wind farms – as well as the acquisition of Borssele V wind farm in the Netherlands. The company also backs Simply Blue, a developer of floating offshore wind projects.

Britain is eyeing 50 GW of offshore wind capacity, up from 14 GW now. Forecasts claim the offshore wind sector alone could create over 100,000 jobs in the UK by 2030. 

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