The generation arm of Britain’s Octopus Energy has invested in Deep Wind Offshore, a Norwegian offshore wind developer with a project pipeline in Norway, Sweden and South Korea and an ambition to build 10 GW of offshore wind by 2032.
Octopus Energy will join Deep Wind Offshore’s current owners — Norwegian shipping and energy companies Knutsen OAS, Haugaland Kraft, and Sunnhordland Kraftlag. Set up in January 2021, Deep Wind Offshore has formed partnerships with energy majors like EDF Renewables and bp.
The companies said that Octopus’ investment will accelerate Deep Wind Offshore’s growth, including towards new markets, and advance the development of its pipeline of fixed and floating offshore wind farms.
The size of the investment was not unveiled. Deep Wind Offshore said it will be funded purely by UK pension capital.
“The potential for offshore wind is absolutely massive and in many ways we’re only at the start of this burgeoning industry,” commented Octopus Energy Generation chief executive Zoisa North-Bond.
Octopus recently announced it will target USD 20 billion (EUR 18.6bn) of investment into offshore wind by 2030.
The British company has minority stakes in the Hornsea One and Lincs offshore wind farms in the UK and owns the innovative Borssele V wind park located in Dutch waters. It also backs Irish floating wind developer Simply Blue Group.
(USD 1 = EUR 0.932)