Octopus launches €3.5 billion offshore wind fund

The fund will invest in development, construction and operational stage offshore wind farms as well as new companies in offshore wind.

“It will look at both traditional offshore wind turbines, which are fixed to the seabed, and floating offshore wind turbines, which harness stronger winds deeper at sea,” Octopus says.

Octopus has said it plans to spend £15 billion (€17 billion) in the sector in total.

It is a relative newcomer to the industry, having only first invested in the sector last year with stakes in Hornsea One and Lincolnshire in the UK.

Since then it has ramped up activity, including investing in one of Europe’s largest offshore wind farms, Borssele III & IV in the Netherlands.

The company has also invested in projects in countries South Korea, Norway, Sweden, Ireland and Spain, among others.

This fund will be the first fund dedicated solely to offshore wind.

Octopus has announced plans to scale up its Asia Pacific investment and last month, Tokyo Gas licensed Octopus’ technology platform Kraken within its services.

“Tokyo Gas has set a target to acquire and trade 6GW renewable power sources by 2030,” said Tokyo Gas representative corporate executive officer Kentaro Kimoto. “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.”