UK green energy supplier Octopus Energy Group has announced that it will invest, through its generation arm, USD 20 billion (about GBP 15 billion) into offshore wind by 2030. The company said that this will go towards the generation of 12 GW of renewable electricity a year, enough to power 10 million homes.
Octopus 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 operational, according to the press release.
The UK company has stakes in the 270 MW Lincs offshore wind farm and one of the world’s largest wind farms, the 1.2 GW Hornsea One, both located on the east coast of England.
At the end of last year, the firm also signed a Power Purchase Agreement (PPA) with Shell Energy to receive electricity generated by the Dogger Bank offshore wind farm.
