UK's Octopus Energy Launches $3.7B Offshore Wind Fund with Tokyo Gas

Credit: Octopus Energy
Credit: Octopus Energy

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)

Current News

Talos Energy Names Spath EVP & Head of Operations

Talos Energy Names Spath EVP &

Offshore Wind: Great Lakes Awarded Another Rock Install Job

Offshore Wind: Great Lakes Awa

UK, Finland, Estonia Practice Subsea Infrastructure Protection in Baltic Sea

UK, Finland, Estonia Practice

Snam Finalizes Purchase of FSRU for Ravenna

Snam Finalizes Purchase of FSR

Subscribe for OE Digital E‑News

Offshore Engineer Magazine