LONDON — Octopus Energy’s generation arm, which manages $7.7 billion (£6 billion) worth of green energy projects globally, said it plans to invest $20 billion (£15 billion) into offshore wind by 2030.
This will go toward the generation of 12 GW of renewable electricity per year, which is enough power for 10 million homes.
Octopus is targeting projects across the globe, with a focus on Europe, and it already has several deals in the pipeline. It will back developers of new offshore wind farms as well as wind farms that are under construction or operational.
The global energy and technology group first entered the offshore wind farm market last year and has since made five offshore deals, amounting to a total of $1 billion (£800 million).
Octopus has stakes in two wind farms offshore England: the Lincs offshore wind farm and Hornsea One. It also acquired the Borssele V wind farm in the Netherlands.
In addition, the company backs developer Simply Blue.