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A $3.7 billion (GBP 3 billion) offshore wind fund has been launched by Octopus Energy Ltd. with an investment of $237 million (GBP 190 million) from the Japanese energy giant Tokyo Gas.
According a media release by Octopus, the fund aims to invest the $3.7 billion in offshore wind projects globally by 2030. Projects will focus on Europe to reduce fossil fuels reliance and boost energy security.
The Octopus Energy Offshore Wind fund will invest in the development, construction and operational stage of wind farms, as well as companies creating new offshore wind. Octopus said 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.
This is the next step in Octopus’ plans to unleash $18.7 billion (GBP 15 billion) into this sector and unlock this green energy for millions of homes globally by 2030.
Octopus first invested in offshore wind farms last year with its stakes in Hornsea One and Lincs in the United Kingdom. Since then it has rapidly scaled up its activity, backing one of Europe’s largest farms, Borssele III & IV in the Netherlands, the company noted.
It has also invested in developers of new offshore wind farms with projects in countries including South Korea, Norway, Sweden, Ireland and Spain.
With 64 gigawatts (GW) of installed capacity globally, offshore wind is already one of the most important renewable sources and is expected to increase to 447 GW over the next ten years, Octopus noted, citing Global Wind Energy Council Market Intelligence forecasts. Offshore wind is set to be a trillion dollar industry by the end of the decade, Octopus said citing the same source.
“Tokyo Gas has set a target to acquire and trade 6 GW renewable power sources by 2030. To accomplish this goal, we have proactively taken multifaceted approaches for offshore wind projects, and will accelerate developments of offshore wind, including floating offshore wind”, Kentaro Kimoto, representative corporate executive officer and vice-president of Tokyo Gas, said.
Octopus said that this deal further strengthens its and Tokyo Gas’s strategic partnership having joined forces in 2020 to set up an energy supplier in Japan.
Earlier this year, Octopus also unveiled plans to rapidly scale up Asia-Pacific renewables investment and expand its Tokyo tech innovation and energy retail hub. And last month, Tokyo Gas licensed Octopus’ tech platform Kraken to enhance its service and speed up the drive to a greener system for its millions of energy customers, Octopus said.
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