Octopus Energy backs invests in Deep Wind Offshore
London, 11 September, 2023, (Oilandgaspress) – Octopus Energy’s generation arm announces its investment in Deep Wind Offshore, an international offshore wind developer with a pipeline of projects in Norway, Sweden, and South Korea.
All three countries have vast wind resources and strong governmental support for offshore wind. The company is aiming to build 10 GW of new offshore wind by 2032, with 2 GW exclusively developed in South Korea.
Deep Wind Offshore was founded in Norway and is backed by leading Norwegian shipping and energy companies Knutsen OAS, Haugaland Kraft, and Sunnhordland Kraftlag. Since launching in January 2021, it has grown rapidly across the globe and entered joint ventures with energy majors like EDF Renewables and bp.
Octopus’ investment will accelerate Deep Wind Offshore’s growth and further develop the company’s pipeline of fixed and floating offshore wind farms, potentially also funding projects in other markets.
The deal follows hot on the heels of Octopus’ announcement to unleash $20bn (£15bn) of investment into offshore wind globally. It marks Octopus’ entry into Norway and South Korea’s renewables markets, bringing the total number of countries Octopus Energy Generation has projects to 15.
Forecasts estimate the offshore wind sector could be worth $1 trillion by 2030 spanning across at least 24 markets, highlighting the scale of the industry’s growth potential*.
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