Octopus Energy’s generation arm has launched its first ever offshore wind fund.
The fund, set up with a £190m cornerstone investment from Japanese energy giant Tokyo Gas, plans to invest £3bn in offshore wind globally by 2030.
Projects will focus on Europe to reduce fossil fuels reliance and boost energy security.
The Octopus Energy Offshore Wind fund will invest in 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.
This is the next step in Octopus’ plans to unleash £15bn into this 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, also 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.
Zoisa North-Bond, chief executive 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 and vice president of Tokyo Gas, added: “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 6GW 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.”
This deal further 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.
Earlier this year, Octopus also announced plans to rapidly scale Asia-Pacific renewables investment as well as expanding its Tokyo tech innovation and energy retail hub.
And last month, Tokyo Gas licensed Octopus’ tech platform Kraken to enhance its service and speed up the drive to a greener system for its millions of energy customers.