This is the next step in Octopus’ plans to unleash £15 billion into this sector and unlock this green energy for millions of homes globally by 2030.
Octopus first invested in offshore wind farms last year with its stakes in Hornsea One and Lincs in the UK. Since then it has rapidly scaled its activity, also backing one of Europe’s largest farms, Borssele III & IV in the Netherlands. It has also invested in developers of new offshore wind farms with projects in countries including South Korea, Norway, Sweden, Ireland, Spain, and more.
With 64 GW of installed capacity globally, offshore wind is already one of the most important renewable sources. It will play a key role in the future energy system, with forecasts expecting it to increase to 447 GW over the next ten years. It comes as offshore wind is set to be a trillion dollar industry by the end of the decade.
“It’s absolutely brilliant to launch our first ever fund dedicated solely to offshore wind investment together with such a visionary partner Tokyo Gas” said Zoisa North-Bond, CEO of Octopus Energy Generation. “The potential to make a positive impact, boost energy security and reduce fossil fuels dependence is massive with offshore wind. This latest partnership further deepens Octopus Energy’s relationship with Tokyo Gas - and we look forward to welcoming on board more investors so together we can tap into this huge offshore wind opportunity worldwide.”
Kentaro Kimoto, Representative Corporate Executive Officer, Vice President of Tokyo Gas, added that Tokyo Gas and Octopus Energy have been providing more customers nationwide in Japan with clean electricity derived from renewable energy sources through TG Octopus Energy and that the company has set a target to acquire and trade 6 GW renewable power sources by 2030.
“To accomplish this goal, we have proactively taken multifaceted approaches for offshore wind projects, and will accelerate developments of offshore wind, including floating offshore wind” said Ms Kimoto.
The deal further strengthens Octopus Energy Group’s and Tokyo Gas’s strategic partnership who joined forces in 2020 to set up the energy supplier Octopus Energy in Japan.
Earlier this year, Octopus also announced plans to rapidly scale Asia-Pacific renewables investment as well as expanding its Tokyo tech innovation and energy retail hub.
Last month, Tokyo Gas licensed Octopus’ tech platform Kraken to enhance its service and speed up the drive to a greener system for its millions of energy customers.
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