Octopus Energy and Tokyo Gas Launch £3 Billion Offshore Wind Fund
Posted 17/11/2023 15:02
Octopus Energy, a leading renewable energy company, has announced the creation of its first offshore wind fund, aiming to invest £3 billion in global projects by the end of the decade. The company is partnering with Tokyo Gas, a Japanese energy giant, to establish the 'Octopus Energy Offshore Wind Fund.' Tokyo Gas has committed a £190 million cornerstone investment as part of the broader plan to invest £3 billion in various projects by 2030.
The offshore wind fund, managed by Octopus Energy's generation arm, will focus predominantly on Europe, with the goal of reducing reliance on fossil fuels and enhancing energy security. It is part of Octopus Energy's larger £15 billion investment commitment unveiled earlier this year.
The fund will target investments in the development, construction, and operation of offshore wind farms, including both fixed-bottom and floating projects. Octopus Energy has been steadily expanding its presence in the offshore wind sector, with previous investments in projects such as Hornsea One, Lincs, and Borssele III & IV.
Zoisa North-Bond, CEO of Octopus Energy Generation, expressed excitement about the offshore wind fund, stating, "The potential to make a positive impact, boost energy security, and reduce fossil fuels dependence is massive with offshore wind." The partnership with Tokyo Gas further strengthens Octopus Energy's relationship with the Japanese company.
Kentaro Kimoto, Vice President of Tokyo Gas, highlighted their commitment to the fund and the strategic partnership with Octopus Energy. Tokyo Gas aims to acquire and trade 6 GW of renewable power sources by 2030, actively pursuing offshore wind projects, including floating offshore wind.
The offshore wind fund builds on the existing collaboration between Octopus Energy and Tokyo Gas, which established an Octopus Energy unit in Japan in 2020. The announcement aligns with the growing partnership between the UK and Japan in the offshore wind sector, reflecting the potential of the UK as a global hub for offshore wind development.
Julia Longbottom, British Ambassador to Japan, welcomed the cornerstone investment from Tokyo Gas, emphasizing the strengthening ties between the UK and Japan in the offshore wind industry.
This offshore wind fund launch signifies a significant step toward advancing renewable energy projects globally and contributing to the transition to cleaner, more sustainable energy sources.