Octopus Energy Aims to Spend £15 Billion on Global Offshore Wind Energy by 2030

Image Credit: Octopus Energy

Octopus Energy has announced today that its renewables generation division will invest £15bn in offshore wind projects across the globe over the next ten years.

The renewable energy branch of the British energy company, which administers £6bn of green energy investments internationally, has announced a multi-billion dollar expenditure to back 12GW of renewable electricity yearly. This would be capable of supplying roughly ten million average households each year.

A total of £15bn has been allocated to develop offshore wind projects globally. However, the emphasis is on Europe, where the company already has several agreements in the works.

Octopus Energy declared its aim to put money into both developers of offshore wind farms and those wind farms that are either being built or already running. It mentioned that its investment in offshore wind power would bring about more sustainable energy around the globe and create a "large number" of work openings.

Octopus Energy has stated that the investment will come from their resources and in collaboration with other investors, such as pension funds.

North-Bond, the head of Octopus Energy Generations, expressed her enthusiasm over the possibilities that offshore technology has to offer around the globe.

"The UK's energy system has already seen a rapid transformation due to offshore wind," the speaker remarked. "We have ambitious goals to invest further in these large turbines to reduce our reliance on dirty gas. Undoubtedly, offshore wind will be essential in achieving net zero, increasing energy security, and reducing energy costs."

In 2019, Octopus Energy got involved in the offshore wind sector and has completed five agreements, amounting to approximately £800k.

The eco-friendly energy association has involvement in some wind farms along the east coast of England, for example, the Lincolnshire offshore wind farm and the Hornsea One plan. This plan is intended to become one of the planet's most significant.

Previously, the firm has invested in Simply Blue, which constructs projects that utilize floating offshore wind technology and a technique for capturing gusts of wind from further out in the ocean.