Octopus Energy’s generation arm has unveiled its first ever offshore wind fund which intends to invest £3 billion (US$3.73 billion) in offshore wind globally by 2030. The fund has been set up with a £190 million cornerstone investment from Japanese energy giant Tokyo Gas and targets the bolstering of energy security and a reduction in global fossil fuel reliance. The Octopus Energy Offshore Wind Fund will invest in development, construction, and operational stage offshore wind farms, as well as companies creating new offshore wind, with initial projects focused in Europe. Octopus Energy Group and Tokyo Gas’s first partnered in 2020 to set up Octopus Energy in Japan. Earlier this year, Octopus also announced plans to rapidly scale Asia-Pacific renewables investment and its Tokyo tech innovation and energy retail hub. Zoisa North-Bond, CEO of Octopus Energy Generation, said: “It’s absolutely brilliant to launch our first ever fund dedicated solely to offshore wind investment together with such a visionary partner Tokyo Gas. The potential to make a positive impact, boost energy security and reduce fossil fuels dependence is massive with offshore wind.” Earlier this week, Octopus made its first investment in the German offshore wind market, taking a 5% stake in 80-turbine offshore wind farm Butendiek. The firm plans to invest €1 billion (US$1.1 billion) in German renewables by 2030. Octopus first invested in offshore wind farms last year taking stakes in the UK’s Hornsea One and Lincs before backing one of Europe’s largest farms, Borssele III & IV in the Netherlands. In July, the Octopus Energy Generation unveiled plans to invest US$20 billion in offshore wind by 2030.
