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Octopus Energy and Tokyo Gas launch £3 billion offshore wind fund

4C Offshore | Chloe Emanuel
By: Chloe Emanuel 17/11/2023 Octopus Energy

Octopus Energy, a key player in managing green energy projects worth £6 billion (€7 billion), marks a significant milestone with the launch of its inaugural offshore wind fund, in collaboration with Tokyo Gas, a Japanese energy powerhouse.

This groundbreaking fund, kick started with a substantial £190 million (€220 million) investment from Tokyo Gas, aims to deploy £3 billion (€3.5 billion) into offshore wind projects globally by 2030. Focused on Europe, this initiative targets the reduction of reliance on fossil fuels and the enhancement of energy security.

The Octopus Energy Offshore Wind fund is poised to invest across various stages of offshore wind farm development, from inception to operational phases. It encompasses support for both traditional fixed-seabed wind turbines and innovative floating offshore wind turbine technologies, harnessing powerful winds in deeper sea territories.

Zoisa North-Bond, CEO of Octopus Energy Generation, expressed enthusiasm: "Launching our inaugural fund dedicated to offshore wind alongside Tokyo Gas is a monumental step. The potential for positive impact, enhanced energy security, and reduced dependence on fossil fuels through offshore wind is tremendous."

This strategic partnership not only deepens Octopus Energy's relationship with Tokyo Gas but also opens doors for additional investors to collectively tap into the vast offshore wind potential worldwide.

Kentaro Kimoto, Representative Corporate Executive Officer and Vice President of Tokyo Gas, echoed this sentiment, stating, "Our commitment to the Fund further solidifies the strategic partnership with Octopus Energy for investments in the offshore wind space."

This collaboration follows Octopus Energy's initial forays into offshore wind investments, including stakes in prominent projects like Hornsea One, Lincs in the UK, and Borssele III & IV in the Netherlands.

With offshore wind poised to be a trillion-dollar industry by the decade's end, the partnership between Octopus Energy and Tokyo Gas signifies a robust commitment to accelerating the transition to renewable energy sources and achieving global climate goals.

For more information about offshore wind farm projects across the globe, click here.


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