Octopus Energy offshore wind investments reach $1bn

• 27 February 2023
• Windfarms
• Octopus Energy

Octopus Energy’s announced that its generation arm has hit $1bn in offshore wind investments in less than a year. It also announced plans to rapidly scale investments.

The investment announcement comes as Octopus is further investing in the Lincs offshore wind farm off the east coast of England, increasing Octopus’ stake in Lincs to 31%.

The Lincs wind farm has an installed capacity of 270MW, made up of 75 Siemens 3.6 MW turbines spread across c.35 square kilometres. It  is operated and managed by Ørsted. The wind farm generates enough power for 240,000 UK homes every year.
Octopus Energy Generation’s fund management team previously managed a 23.25% stake in Lincs on behalf of the Sky fund (ORI SCSp) and Octopus Renewables Infrastructure Trust (ORIT). This additional 7.75% stake has been acquired on behalf of Octopus’ Sky fund.

Alex Brierley, Co-Head of Octopus Energy Generation’s fund management team said: “We’ve been rapidly scaling our offshore wind activity, hitting $1bn in offshore wind investments - with much more to come this year. We first invested in the Lincs offshore wind farm with an initial stake last year so it’s brilliant to increase this to nearly a third.

“Britain is a world leader in offshore wind, with strong Government targets for new offshore wind farms. It’s crystal clear that offshore wind will continue to play an integral role in the UK’s energy security. There’s still huge untapped potential and strong investment appetite to scale this technology further to reduce our reliance on expensive fossil fuels.”

Since entering into offshore wind last year, Octopus Energy Generation is rapidly accelerating its investments in this area. In the past 9 months, Octopus also acquired the Borssele V offshore wind farm in the Netherlands, partnered with Nest and GLIL to take a stake in the Hornsea One offshore wind farm, and increased its stake in floating offshore wind developer Simply Blue.

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