Octopus Energy Generation, a division of UK energy group Octopus Energy, has unveiled plans to invest a staggering $20 billion (approximately £15 billion) in offshore wind projects by 2030. This strategic move aims to fund the generation of 12 gigawatts (GW) of renewable electricity annually, which could power approximately 10 million homes.

The company already manages an impressive portfolio of green energy projects globally, amounting to $7.7 billion (£6 billion). With the planned investment, Octopus Energy aims to back new offshore wind farm developers and acquire stakes in operational or under-construction wind farms. The company's focus will primarily be on Europe, with several deals already in the pipeline.

Octopus Energy Generation entered the offshore wind farm market in 2022 and has since completed five offshore deals, totaling $1 billion (£800 million). Among its significant investments are stakes in the Lincs offshore wind farm and the Hornsea One wind farm, both located off the east coast of England. Additionally, the company acquired the Borssele V wind farm in the Netherlands, known for hosting some of the world's largest turbines.

The company also supports Simply Blue, a developer of floating offshore wind projects, which tap into stronger winds further out at sea.

According to Zoisa North-Bond, CEO of Octopus Energy Generation, offshore wind has already transformed the UK's energy system and presents immense global potential. The investment in more offshore wind projects will contribute to reducing reliance on polluting gas and play a vital role in achieving net-zero goals, enhancing energy security, and reducing energy costs.

Octopus Energy Generation's expansion extends beyond Europe. In June, the company made its fourth wind farm investment in Germany, marking the first deal with RES in the country. Octopus expects this project, located near Prüm in West Germany, to begin operations in 2024. It consists of two large Nordex turbines, generating enough energy for 13,500 homes.

The German renewables market holds great promise, with the country leading Europe in onshore wind installations, adding 2.4 GW of new projects in 2022 alone. As Germany aims to further boost capacity by 10 GW annually from 2025, Octopus Energy sees ample opportunities for growth in the region.

Octopus Energy's commitment to investing in renewable energy projects aligns with its ambition to drive the global energy transition towards a sustainable and greener future.