The company is aiming to build 10 GW of new offshore wind by 2032, with 2 GW exclusively developed in South Korea.
Deep Wind Offshore was founded in Norway and is backed by leading Norwegian shipping and energy companies Knutsen OAS, Haugaland Kraft, and Sunnhordland Kraftlag. Since launching in January 2021, it has grown rapidly across the globe and entered joint ventures with energy majors like EDF Renewables and bp.
Octopus’ investment will accelerate Deep Wind Offshore’s growth and further develop the company’s pipeline of fixed and floating offshore wind farms, potentially also funding projects in other markets.
The deal follows hot on the heels of Octopus’ announcement to unleash $20 billion (£15 billion) of investment 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 to 15.
Forecasts estimate the offshore wind sector could be worth $1 trillion by 2030 spanning across at least 24 markets, highlighting the scale of the industry’s growth potential.
“The potential for offshore wind is absolutely massive and in many ways we’re only at the start of this burgeoning industry” said Zoisa North-Bond, CEO of Octopus Energy Generation. “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.”
Octopus already has stakes in the Lincs offshore wind farm and one of the world’s largest wind farms, Hornsea One in England, as well as the innovative Borselle V wind farm in the Netherlands. It also invests in Simply Blue, a developer of floating offshore wind.
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