It consists of 102 offshore wind turbines and is among the top 10 largest wind farms in the world, generating enough clean power to electrify around 700,000 homes a year.
The latest investment by Octopus Energy is the company’s fourth investment in a British offshore wind farm and its seventh in Europe, following stakes in Hornsea One, Lincs and Walney Extension in Britain, Butendiek in Germany, and Borssele V and Borssele III & IV in the Netherlands. The company has also announced plans to enter the French offshore wind tender to develop a brand new offshore wind farm in partnership with Skyborn Renewables.
Octopus Energy Generation – one of Europe’s largest renewables-only investors – has already surpassed $2 billion in offshore wind deals in two years.
Octopus acquired this latest wind farm stake from Macquarie Asset Management on behalf of Vector, Octopus’ innovative offshore wind fund, which invests in fixed and floating offshore wind and pioneering tech to reduce costs.
In addition to expanding its offshore wind portfolio, Octopus is also driving the creation of new wind farms globally through investments in developers and innovations like its ‘Fan Club’, which offers customers cheaper electricity when it’s windy.
“Britain is blessed with strong winds and long coastlines – perfect conditions for offshore wind” said Zoisa North-Bond, CEO of Octopus Energy Generation. “The sector has become a vital pillar of our energy system over the past years, and this investment will help to turbocharge this clean technology further, bringing cheaper, greener power to people across the country.”
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