Octopus stretches tentacles into UK offshore wind market

Octopus Energy Generation (Octopus) has dipped its toes into the domestic offshore wind market for the first time.

It has snapped up an eight per cent stake in a large offshore wind farm off the coast of Skegness, East England.

The site has been operational since 2013, and consists of 75 wind turbines across 35 square kilometres, and is overseen by global renewable energy developer Ørsted.

Generating 270 MW of energy, it is able to power 240,000 homes a year – avoiding over 350,000 tonnes of carbon emissions.

Offshore wind is a key feature in the government’s recently announced supply security strategy – with Downing Street aiming to quintuple onshore wind capacity from 11 GW to 50 GW by the end of the decade.

The latest estimates from trade body RenewableUK reveal there is currently 86 GW of onshore wind generation in various stages of planning, reflecting the investment appetite within the sector.

While Octopus has only just entered the UK offshore wind sector, it has been investing in new technologies such as floating offshore wind turbines.

Last year, it bought a 24 per cent stake in floating offshore wind developer Simply Blue Group, to speed up the company’s expansion in the UK and abroad.

Chief executive Zoisa North-Bond said: “We’re extremely excited to make our first green waves in offshore wind energy – a key pillar of the UK’s renewable energy mix. The UK has tremendous offshore wind resources.”

“By backing a large onshore wind farm as well as developing floating offshore wind power, we’re tapping into this vital technology to accelerate our journey to energy independence.”

Octopus is one of the largest renewable energy investors in Europe, with plans to create 18 GW of clean energy generation projects by 2027.