Octopus Energy‘s generation arm, overseeing £6 billion in green energy projects, has initiated its inaugural offshore wind fund in collaboration with Tokyo Gas.

The fund, backed by a £190 million investment from Tokyo Gas, aims to deploy £3 billion in offshore wind globally by 2030.

The Octopus Energy Offshore Wind fund is designed to invest in various stages of offshore wind farm projects, including development, construction and operational phases.

The scope encompasses both traditional fixed-seabed turbines and floating offshore turbines.

This strategic move is part of Octopus Energy’s broader plan to inject £15 billion into the offshore wind sector.

Zoisa North-Bond, Chief Executive Officer of Octopus Energy Generation said: “The potential to make a positive impact, boost energy security and reduce fossil fuels dependence is massive with offshore wind.”

Kentaro Kimoto, Representative Corporate Executive Officer, Vice President of Tokyo Gas, said: “Tokyo Gas has set a target to acquire and trade 6GW 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.”

Article source: https://www.energylivenews.com/2023/11/17/octopus-energy-launches-3bn-offshore-wind-fund-with-tokyo-gas/