Octopus Energy has taken a stake in global offshore wind developer Deep Wind Offshore.
The deal has been struck by Octopus’ generation arm, with the British firm joining existing investors Knutsen OAS, Haugaland Kraft and Sunnhordland Kraftlag in taking a share in the Norway-based firm.
Neither party has disclosed the financial details nor the size of the stake being acquired.
Deep Wind Offshore is aiming to build 10GW of new offshore wind by 2032. It currently has a pipeline of projects in Norway, Sweden, and South Korea.
The deal follows Octopus’ announcement to invest £15 billion into offshore wind globally. It marks Octopus’ entry into Norway and South Korea’s renewables markets, bringing the total number of countries Octopus Energy Generation has projects in to 15.
Zoisa North-Bond, chief executive of Octopus Energy Generation, said: “The potential for offshore wind is absolutely massive and in many ways we’re only at the start of this burgeoning industry.
“Working with Deep Wind Offshore is hugely exciting, providing access to new offshore wind markets for us where they have deep expertise.
“Ultimately, the more offshore wind farms built across the globe, the quicker we can drive down bills and create a more secure energy system for everyone.”
Knut Vassbotn, chief executive at Deep Wind Offshore, added: “Welcoming Octopus as an investor will enable Deep Wind Offshore to fast-track international growth and strengthen its position in Norway. Knutsen Group, Haugaland Kraft and SKL have provided the ideal foundation for the company and are committed to continue supporting the business.
“The backing of Octopus combined with our expertise means we now have the strength to rapidly grow internationally. The investments from Octopus and our connection to Norwegian municipalities ensures that we not only will provide abundant renewables, but also a foundation for the future growth across The North Sea.”
Octopus Energy Generation’s fund management team now manages 3.2GW of renewable energy projects across 15 countries, worth £6 billion.
Projects that Octopus already has stakes in include the Lincs offshore windfarm and Hornsea One in England, as well as the Borselle V wind farm in the Netherlands. It also invests in Simply Blue, a developer of floating offshore wind.