Octopus Energy’s generation division, responsible for overseeing green energy projects valued at $7.7bn worldwide, has unveiled an ambitious initiative. The company intends to channel $20bn (£15bn) into offshore wind by 2030. This significant investment aims to generate 12GW of renewable electricity annually, effectively providing power for approximately 10 million households.

Octopus Energy has set its sights on various projects worldwide, with a particular emphasis on European markets. The strategy involves supporting developers involved in the construction or operation of new offshore wind farms.

Having entered the offshore wind farm market last year, Octopus Energy has been actively engaged in five offshore deals, totaling $1bn in investments. Notably, it hold stakes in the Lincs offshore wind farm and Hornsea One, both located off the east coast of England. Additionally, the company acquired the Borssele V wind farm in the Netherlands.

Octopus Energy is actively supporting Simply Blue, a pioneering developer of floating offshore wind projects, which harnesses the power of strong winds located further out at sea.

Octopus Energy Generation CEO Zoisa North-Bond said: “Offshore wind has already rapidly transformed the UK’s energy system – and we’re incredibly excited about the potential for this technology globally.

“We’ve got big plans to invest in even more of these big fans to help wean ourselves off polluting gas. Offshore wind will undoubtedly continue to play a pivotal role in meeting net zero, boosting energy security and driving down bills.”

Octopus Energy’s fund management specialist team was established in 2010. Presently, this team effectively manages 3.2GW of renewable energy assets, comprising wind and solar farms scattered across 13 different countries. The collective value of these assets amounts to a £6bn.