Advertisement

Octopus Energy and Tokyo Gas launch fund to invest £3 billion in offshore wind

Octopus Energy’s generation arm, which manages £6 billion of green energy projects, has launched its first offshore wind fund, set up with a £190 million  investment from Japanese energy giant Tokyo Gas. 

The fund will invest £3 billion in offshore wind projects in Europe, focussing on development, construction, and operational stage offshore wind farms, as well as companies creating new offshore wind.

It will look at both traditional offshore wind turbines which are fixed to the seabed and floating offshore wind turbines which harness strong winds deeper at sea.

Octopus Energy started investing in offshore wind farms last year and this represents the next step in their plans to invest £15 billion into the sector and unlock this green energy for millions of homes globally by 2030.

Octopus first invested in offshore wind farms last year with its stakes in Hornsea One and Lincs in the UK. Since then it has rapidly scaled its activity, backing one of Europe’s largest farms, Borssele III & IV in the Netherlands.

It has also invested in developers of new offshore wind farms with projects in countries including South Korea, Norway, Sweden, Ireland, Spain, and more.

With 64 GW of installed capacity globally, offshore wind is already one of the most important renewable sources. It will play a key role in the future energy system, with forecasts expecting it to increase to 447 GW over the next ten years. It comes as offshore wind is set to be a trillion dollar industry by the end of the decade.

This deal strengthens Octopus Energy Group’s and Tokyo Gas’s strategic partnership who joined forces in 2020 to set up the energy supplier Octopus Energy in Japan.

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.

‘This latest partnership further deepens Octopus Energy’s relationship with Tokyo Gas – and we look forward to welcoming on board more investors so together we can tap into this huge offshore wind opportunity worldwide.’

Kentaro Kimoto, Representative Corporate Executive Officer, Vice President of Tokyo Gas, said: ‘Tokyo Gas and Octopus Energy have been providing more customers nationwide in Japan with clean electricity derived from renewable energy sources through TG Octopus Energy. It is our pleasure that our commitment to the Fund is developing and reinforcing the strategic partnership with Octopus Energy for investments in the offshore wind space.

‘Tokyo Gas has set a target to acquire and trade 6 GW renewable power sources by 2030. 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.’

Comments

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
Help us break the news – share your information, opinion or analysis
Back to top