Renewables investor Octopus Energy Generation plans to invest $20 billion in offshore wind by 2030, aiming to boost energy security and reduce dependence on fossil fuels, it said on Monday.
The firm, part of Octopus Energy Group, said the investment will generate 12 gigawatts (GW) of renewable electricity each year, enough to power 10 million homes. It will target projects worldwide, with a focus on Europe.
“Offshore wind has already rapidly transformed the UK’s energy system and we’re incredibly excited about the potential for this technology globally,” said Zoisa North-Bond, CEO of Octopus Energy Generation.
“Offshore wind will undoubtedly continue to play a pivotal role in meeting net zero, boosting energy security and driving down bills,” she added, without saying how Octopus would raise the funds for the investment. The announcement comes days after Swedish utility Vattenfall said last week it would stop development of its British Norfolk Boreas offshore wind project due to rising costs, and warned that Britain could struggle to meet its wind energy targets without improved incentives.
Britain has 11 GW of offshore wind capacity and the government plans to speed up planning approvals for offshore wind farms. Octopus Energy Generation first entered the offshore wind farm market last year and has since made five offshore deals, amounting to a total of $1 billion. It manages $7.7 billion worth of green energy projects globally.
(Reuters – Reporting by Marwa Rashad; Editing by David Holmes)