Octopus Energy Dives into Norwegian Offshore Wind Market with Deep Wind Offshore Partnership

Hans Petter Øvrevik Chief Commercial Officer (CCO), and  Knut Vassbotn CEO of Deep Wind Offshore - Credit: Deep Wind Offshore
Hans Petter Øvrevik Chief Commercial Officer (CCO), and Knut Vassbotn CEO of Deep Wind Offshore - Credit: Deep Wind Offshore

Deep Wind Offshore, a Norwegian offshore wind developer, said Thursday that that Octopus Energy would become a co-owner of the company together with the existing industrial owners Knutsen OAS, Haugaland Kraft, and Sunnhordland Kraftlag.

Deep Wind Offshore, founded in Norway in January 2021, has a pipeline of offshore wind projects in Norway, Sweden and South Korea, and aims to build 10 GW of new offshore wind by 2032, with 2 GW under exclusive development in South Korea.

"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," Deep Wind Offshore said.

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, Deep Wind Offshore added.

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, Deep Wind Offshore said, citing Wood Mackenzie.

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.

Current News

Fugro Nets Fresh Work for Community Offshore Wind on US East Coast

Fugro Nets Fresh Work for Comm

Partnerships aims to bring Hydrographic Survey Data Processing to the Cloud

Partnerships aims to bring Hyd

South Korea's SK Innovation Agrees Merger with SK E&S as Part of Overhaul

South Korea's SK Innovation Ag

Diamond Offshore to Complete Upgrades on Its Drillships by Year-End

Diamond Offshore to Complete U

Subscribe for OE Digital E‑News

Offshore Engineer Magazine