Octopus Energy’s generation arm has launched a dedicated fund with Japan’s Tokyo Gas to invest GBP 3 billion (approximately EUR 3.5 billion) in offshore wind globally by 2030.

The fund, set up with a GBP 190 million (about EUR 217 million) cornerstone investment from Tokyo Gas, will invest in the development, construction, and operational stage offshore wind farms, as well as companies creating new offshore wind, with a focus on Europe, said Octopus Energy.

“It’s absolutely brilliant to launch our first ever fund dedicated solely to offshore wind investment together with such a visionary partner Tokyo Gas. The potential to make a positive impact, boost energy security and reduce fossil fuels dependence is massive with offshore wind,” said Zoisa North-Bond, CEO of Octopus Energy Generation.

“Tokyo Gas and Octopus Energy have been providing more customers nationwide in Japan with clean electricity derived from renewable energy sources through TG Octopus Energy. It is our pleasure that our commitment to the Fund is developing and reinforcing the strategic partnership with Octopus Energy for investments in the offshore wind space,” said Kentaro Kimoto, Representative Corporate Executive Officer and Vice President of Tokyo Gas.

The Octopus Energy Offshore Wind fund will look at both traditional offshore wind turbines which are fixed to the seabed and floating offshore wind turbines.

“Tokyo Gas has set a target to acquire and trade 6 GW renewable power sources by 2030. To accomplish this goal, we have proactively taken multifaceted approaches for offshore wind projects, and will accelerate developments of offshore wind, including floating offshore wind,” said Kimoto.

“As our first project, we concluded a transaction agreement to acquire a 5% stake in a 731.5MW offshore wind power generation asset,” according to the Japanese company.

The launching of the fund is said to be the next step in Octopus’ plans to unleash GBP 15 billion (EUR 17 billion) into the offshore wind sector by 2030.

Octopus first invested in offshore wind farms last year with its stakes in Hornsea One and Lincs in the UK. Since then it has scaled its activity, backing one of Europe’s largest farms, Borssele III & IV in the Netherlands.

The company has also invested in developers of new offshore wind farms with projects in countries including South Korea, Norway, Sweden, Ireland, Spain, and more.