Al Gore-backed Octopus Energy plans $20bn offshore wind spree
UK utility that's part-owned by former US vice president's GIM aims to spur 12GW of projects
The UK's Octopus Energy said it will lead a $20bn investment spree to spur 12GW of offshore wind projects around the world by 2030.
Octopus said it is “targeting projects across the globe, with a focus on Europe – and already has several deals in the pipeline”.
It will back developers of new offshore wind farms as well as projects that are under construction or operational.
Octopus says it has made five offshore investments amounting to a total of $1bn since entering the wind farm market last year.
Octopus bought stakes in the 270MW Lincs and 1.2GW Hornsea 1 wind farms off the east coast of England last year.
“Scaling investment in offshore wind will not only create more clean energy but also numerous job opportunities,” said Octopus, citing forecasts showing the offshore wind sector will create over 100,000 jobs by 2030 in the UK alone.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Offshore wind has already rapidly transformed the UK’s energy system – and we’re incredibly excited about the potential for this technology globally.
“We’ve got big plans to invest in even more of these big fans to help wean ourselves off polluting gas. Offshore wind will undoubtedly continue to play a pivotal role in meeting net zero, boosting energy security and driving down bills.”