Offshore wind developer Deep Wind Offshore has secured Octopus Energy as a new investor.
Octopus Energy will join the existing industrial owners Knutsen OAS, Haugaland Kraft and Sunnhordland Kraftlag.
Deep Wind Offshore is an international offshore wind developer with a pipeline of projects in Norway, Sweden and South Korea, countries that “all have enormous wind resources” and strong government support for offshore wind.
The company aims to build 10GW of new offshore wind by 2032, with 2GW under exclusive development in South Korea.
Deep Wind Offshore was founded in Norway in January 2021 and has partnerships with large energy companies such as EDF Renewables and BP.
Octopus’ investment will accelerate Deep Wind Offshore’s growth and further develop the company’s pipeline of fixed and floating offshore wind farms, also towards new markets.
The vast majority of Octopus’s managed funds comes from large UK pension funds and institutional investors.
This investment by Octopus will be funded purely by UK pension capital.
The agreement comes in the wake of Octopus’ announcement to release $20bn in investment for offshore wind globally.
It marks Octopus’ entry into Norway and South Korea’s renewable markets and increases the project portfolio of Octopus Energy Generation to 15 countries.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “The potential for offshore wind is absolutely massive and in many ways we’re only at the start of this burgeoning industry.
“Working with Deep Wind Offshore is hugely exciting, providing access to new offshore wind markets for us where they have deep expertise.
“Ultimately, the more offshore wind farms built across the globe, the quicker we can drive down bills and create a more secure energy system for everyone.”