The announcement was made at COP29 in Baku, Azerbaijan, and marks the latest milestone in Octopus’ plans to unleash $20 billion into offshore wind worldwide by 2030.
Last year, the company launched its landmark Offshore Wind Fund, Vector, aiming to scale this technology which has seen energy prices plummet over time.
Through Vector, Octopus invested in Ocergy – a tech disruptor in the floating offshore wind space. Ocergy is set to make building floating wind farms cheaper and faster than ever before, helping to unlock the vast potential of wind energy in deep seas.
Octopus has backed operational and construction projects, as well as developers creating new offshore wind energy and companies expediting this vital energy source’s supply chain.
The company entered the offshore wind farm market in 2022 and now holds stakes in six offshore wind farms in three countries around Europe.
This includes one of the world’s largest wind farms, Hornsea One, as well as Lincs and Walney Extension in Britain, two in the Netherlands with turbines as tall as London’s Gherkin building, and one in Germany.
Offshore wind is already playing a major role in energy systems across the globe, with governments worldwide setting ambitious expansion targets. The UK is the world’s second largest offshore wind market, with plans to quadruple capacity by 2030.
Alongside investments into wind farms, Octopus has also been driving innovations in the sector. Last year it launched its first offshore ‘Fan Club’ – a groundbreaking tariff that offers people living close to one of its offshore wind farms cheaper rates when it’s windy, saving customers hundreds of pounds a year on their energy bills.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “We’re strong believers in wind power’s massive role as a cornerstone of energy systems globally. Our ability to invest over $2 billion into offshore wind in just two years is the start. Wind can create a greener and cheaper energy system for people around the world. We’re now geared up to unleash billions more into offshore wind projects worldwide.
