Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Octopus Energy pledges £15bn investment in offshore wind by the end of the decade

by July 24, 2023
July 24, 2023
Octopus Energy pledges £15bn investment in offshore wind by the end of the decade

Octopus Energy is set to team up with institutional investors to spend $20bn (£15.6bn) on offshore wind projects over the rest of the decade.

The funds will be channelled through its renewables arm, Octopus Energy Generation, and targeted at the development, construction and operation of offshore wind turbines.

This will help Octopus reach its goal of generating 12GW of renewable electricity a year, which is enough to power 10m homes.

It will be sourced from both Octopus’ own resources– with the energy giant including former US vice-president Al Gore’s Generation Investment Management among its backers – and partners such as pension funds

Octopus is open to new projects across the globe, but its primary focus will be Europe including the UK, although it has not provided a breakdown of where the money will be spent.

The company’s generation arm currently manages £6bn worth of green energy projects worldwide.

It first entered the offshore market in April 2022, with an initial eight per cent stake in the Lincs offshore wind farm, which generates enough clean power for 240,000 homes every year.

Octopus has since spent around £800m on five further offshore deals, including another stake in one of the world’s largest wind farms, Hornsea One and the acquisition of the Borssele V wind farm in the Netherlands, which has some of the world’s largest turbines.

It also backs Simply Blue, a developer of floating offshore wind projects, which are typically secured by cables and can tap into strong winds deeper out at sea.

The energy giant is on course to announce a new ‘fan club’ for offshore wind, where coastal communities near new developments will receive discounted energy at times of abundant wind – such as for customers living in Grimsby and Skegness near its Lincs site.

This year alone, homegrown offshore wind has already produced 14 per cent of Britain’s electricity according to government data, while industry reports suggest the offshore wind sector will create over 100,000 jobs by 2030 in the UK.

Zoisa North-Bond, chief executive 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.”

The news will be a boost for the UK’s renewable industry, following Vattenfall’s decision to pull out of a new wind farm off the Norfolk coast which could have powered 1.5m homes.

There are also worries within the sector that the current allocation round for new projects, was funded sufficiently to prevent higher generation prices – a growing concern with the government targeting 50GW of offshore wind generation in its energy security strategy.

Trade association Renewable UK is calling for the government to invest in bolstering domestic supply chains, while the government is considering reforming auctions so that they also take into account wider social benefits alongside generation costs.

Read more:
Octopus Energy pledges £15bn investment in offshore wind by the end of the decade

0
FacebookTwitterGoogle +Pinterest
previous post
British Airways owner invests in Yorkshire-based green fuel supplier
next post
Warning from Industry Leaders: UK Needs Government Aid to Protect EV Market

You may also like

Interest rate cuts could spark renewed interest in...

August 31, 2024

Barclays bank payments restored following app outage

March 27, 2024

Comprehensive Guide to Achieving the Perfect High Taper...

June 28, 2024

Can Mike Malott Become Canada’s Next UFC Superstar?

May 26, 2025

Small Businesses Face Cashflow Disruption as Amazon Extends...

August 8, 2023

Tax-free shopping cut costs London’s West End £640m...

February 14, 2025

Getting to Know you: Benjamin Sparks, Commercial Construction...

July 29, 2022

Bosch’s €2 billion gamble: Investing in employee retraining...

April 22, 2024

Prime Minister says people ‘not idiots’ and know...

January 20, 2023

Families face red tape nightmare with inheritance tax...

July 24, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • What Automatic Planning and Scheduling Means for Your Projects

      August 25, 2025
    • Ultimate Traders Review: Easy and Effective Prop Trading

      August 25, 2025
    • ‘Separated from reality’: Senate Republicans fume as Dems use Epstein saga to block Trump’s agenda

      August 25, 2025
    • US ally summons Trump ambassador over ‘unacceptable’ antisemitism allegations

      August 25, 2025
    • Gen Z workers turn back to office jobs to combat loneliness

      August 25, 2025
    • US jobs market faces ‘Trump slump’ as tariffs and cuts hit growth

      August 25, 2025

    Categories

    • Business (8,876)
    • Investing (2,235)
    • Politics (16,478)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved