The renewable energy investor has taken its stake in the operating offshore UK wind farm to 23.25%
Octopus Energy Generation has acquired an additional 15.5% stake in the 270MW Lincs offshore wind farm in England for an undisclosed price.
The stake was acquired on behalf of the Octopus Renewables Infrastructure Trust (ORIT) and Sky (ORI SCSp) funds. It increases Octopus Energy’s total interest in the offshore wind farm to 23.25%.
Earlier this year, Octopus Energy acquired a 7.75% stake in the same offshore wind farm on behalf of ORIT.
Located off the coast of Skegness in the east of England, the Lincs offshore wind farm has been operating since 2013. It is operated by Ørsted.
Octopus Energy Generation CEO Zoisa North-Bond said: “Harnessing the UK’s strong wind resources out at sea is an integral part of securing energy independence.
“Offshore wind farms like this help the UK wean itself off imported gas and importantly, lower energy bills. We only started investing in offshore wind earlier this year and we’ve already made big waves in this space in a matter of months – and there’s more to come.”
Built in the North Sea, the wind farm is equipped with 75 turbines. It has been designed to meet the power requirements of 240,000 homes per year.
The British offshore wind farm can also offset more than 350,000 tonnes of carbon emissions every year.
Octopus Energy is managing 3GW of renewable energy assets, worth £4.4bn, which are located across Europe. The renewable energy investor intends to create 18GW of green energy generation projects globally by 2027.
Octopus Energy Generation fund management team co-head Matt Setchell said: “In the drive towards a 100% renewable energy system in the future, we’ll need a real mix of technologies, with offshore wind playing a significant role.
“We’re working with investors to make their money make a positive impact and ultimately accelerate the drive towards a cleaner, cheaper energy system for everyone.”
Last month, Octopus Energy made a ‘multi-million pound’ investment to acquire a stake of 24% in renewables developer Exagen.