Octopus Energy has announced that its generation arm has surpassed $2 billion (£1.5bn) in offshore wind investments within just two years.
This milestone was revealed at COP29 in Baku, Azerbaijan, and forms part of the company’s broader plan to invest $20 billion in offshore wind projects by 2030.
The company launched its Offshore Wind Fund, called Vector, last year to accelerate the development of offshore wind technology.
Through this fund, Octopus has invested in Ocergy, a company working to make floating wind farms more affordable and quicker to build, helping to unlock the potential of deep-water wind energy.
Octopus now holds stakes in six offshore wind farms across Europe, including some of the world’s largest projects, such as Hornsea One in the UK.
Offshore wind power is becoming an important part of the global energy mix, with governments setting ambitious targets for expansion.
In addition to funding offshore wind projects, Octopus has also introduced innovations in the sector.
One of these is the ‘Fan Club’ model, which offers customers living near its offshore wind farms cheaper electricity when the wind is strong, helping to reduce their energy bills.
