LONDON — Britain's Octopus Energy said its renewables investing arm had launched a dedicated fund with Japan's Tokyo Gas to invest £3 billion ($3.7 billion) in offshore wind projects by 2030.
The Octopus Energy Offshore Wind fund, set up with a £190 million ($236.6 million) cornerstone investment from Tokyo Gas, will invest in offshore wind farms as well as companies creating new offshore wind capacity, with a focus on Europe, Octopus said.
The fund will look at both traditional offshore wind turbines and floating turbines.
"The potential to make a positive impact, boost energy security and reduce fossil fuels dependence is massive with offshore wind," said Octopus Energy Generation CEO Zoisa North-Bond.
Octopus Energy Generation said it plans to invest $20 billion in offshore wind by 2030, with an aim to boost energy security and reduce dependence on fossil fuels.