Deep Wind Offshore brings in a new investor, Octopus, to accelerate international expansion and strengthen Norwegian projects. This investment by Octopus will be funded purely by UK pension capital. The announcement is part of Octopus' plan to invest $20 billion in offshore wind investments over the course of this decade.
Octopus Energy will join the ownership side of the company, together with the existing industrial owners Knutsen OAS, Haugaland Kraft and SKL.
Deep Wind Offshore is an international offshore wind developer with a pipeline of projects in Norway, Sweden and South Korea, countries that all have enormous wind resources and strong government support for offshore wind. The company aims to build 10 GW of new offshore wind by 2032, with 2 GW under exclusive development in South Korea.
Deep Wind Offshore was founded in Norway in January 2021 and has since grown rapidly in a number of countries and has partnerships with large energy companies such as 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, also towards new markets. The vast majority of Octopus’s managed funds comes from large UK pension funds and institutional investors. This investment by Octopus will be funded purely by UK pension capital.
The agreement comes in the wake of Octopus' announcement to release 20 billion dollars in investment for offshore wind globally. It marks Octopus' entry into Norway and South Korea's renewable markets, and increases the project portfolio of Octopus Energy Generation to 15 countries.
Forecasts estimate that the offshore wind sector could be worth $1 trillion by 2030 and span at least 24 markets, highlighting the scale of the industry's growth potential*.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: " The potential for offshore wind is absolutely massive and in many ways we’re only at the start of this burgeoning industry. 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."
Knut Vassbotn, CEO of Deep Wind Offshore, said: "Welcoming Octopus as an investor will enable Deep Wind Offshore to accelerate international growth and strengthen its position in Norway. Knutsen OAS, Haugaland Kraft and SKL have formed the ideal basis for the company and will continue to be key owners. The support from Octopus combined with our expertise means that we now have the strength to grow significantly, also internationally. The investments from Octopus and our connection with Norwegian municipalities ensure that we will not only provide plenty of renewable energy, but also a basis for future growth on both sides of the North Sea."
Octopus already has shares 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. They are also investing in Simply Blue, a floating offshore wind developer.
About Octopus Energy Generation
Octopus Energy Generation is driving the renewable energy agenda and building green power for the future. This means reshaping the market by leading the transition to a cleaner, greener future through renewable projects connected more deeply to customers and businesses.
As one of Europe’s largest investors in renewable energy, its fund management specialist team launched in 2010 with a mission to accelerate the transition to a future powered by renewable energy. This team manages 3.2 GW of renewable energy projects like wind and solar farms across 13 countries, worth £6bn. These projects generate enough green energy to power 2 million homes every year, and is the equivalent of taking over 1 million petrol cars off the road. The business also launched the Fan Club, the world's first local energy tariff that provides cheaper, greener energy to customers living near local turbines when it’s windy, with a discount of up to 50%.
For more information, check out our website.
About Octopus Energy Group
Octopus Energy is a global energy and technology group, driving the affordable, green energy system of the future. Its operations span 14 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £6 billion portfolio of projects – one of Europe’s largest.
Octopus serves 5.3 million customers through its retail arm, and has licensed its advanced data and machine learning platform, Kraken, to support 30 million customer accounts worldwide through licensing deals with energy companies, including EDF, E.ON and Origin Energy.
Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide.
For more information, check out our website.
About Deep Wind Offshore
Deep Wind Offshore is an international developer and owner of offshore wind projects. Deep Wind Offshore’s ambition is to provide 10 TWh of net capacity out of the 10GW+ pipeline within 10 years.
Press Contacts
Deep Wind Offshore
Hanne Steensnæs, Communications and Public Affairs Director
+47 90 92 27 78 // Hanne.steensnaes@deepwindoffshore.com
Octopus Energy Group
Amy Boekstein, PR Manager
+44 (0)20 4530 8369 // amy.boekstein@octoenergy.com
