Britain's Octopus Energy said on Friday that its renewables investing arm had launched a dedicated fund with Japan's Tokyo Gas to invest 3 billion pounds ($3.7 billion) in offshore wind projects by 2030.
The Octopus Energy Offshore Wind fund, set up with a 190 million pound cornerstone investment from Tokyo Gas, will invest in offshore wind farms as well as companies creating new offshore wind capacity, with a focus on Europe, Octopus said.
The fund will look at both traditional offshore wind turbines and floating turbines. "The potential to make a positive impact, boost energy security, and reduce fossil fuels dependence is massive with offshore wind," said Octopus Energy Generation Chief Executive Zoisa North-Bond.
Octopus Energy Generation has said it plans to invest $20 billion in offshore wind by 2030, with an aim to boost energy security and reduce dependence on fossil fuels.
($1 = 0.8052 pounds)
(Reuters - Reporting by Sachin Ravikumar/Editing by Mark Potter)