Octopus Energy has increased its stake in the 270MW Lincs offshore wind farm off the east coast of England to 31%.
Octopus Energy Generation’s fund management team previously managed a 23.25% stake in Lincs on behalf of the Sky fund (ORI SCSp) and Octopus Renewables Infrastructure Trust (ORIT).
This additional 7.75% stake has been acquired on behalf of Octopus’ Sky fund.
The Lincs wind farm is made up of 75 wind turbines across 35 square kilometres, generating enough clean power for 240,000 UK homes every year. It has been operational since 2013 and is operated by Orsted.
In addition, the company announced that its generation arm has hit $1bn in offshore wind investments in less than a year.
In the past nine months, Octopus also acquired the Borssele V offshore wind farm in the Netherlands, partnered with Nest and GLIL to take a stake in the Hornsea One offshore wind farm, and increased its stake in innovative floating offshore wind developer Simply Blue.
Co-Head of Octopus Energy Generation’s fund management team Alex Brierley said: “We’ve been rapidly scaling our offshore wind activity, hitting $1bn in offshore wind investments – with much more to come this year. We first invested in the Lincs offshore site with an initial stake last year so it’s brilliant to increase this to nearly a third.
“Britain is a world leader in offshore wind, with strong Government targets for new offshore developments. It’s crystal clear that offshore wind will continue to play an integral role in the UK’s energy security. There’s still huge untapped potential and strong investment appetite to scale this technology further to reduce our reliance on expensive fossil fuels.”