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Octopus Energy becomes Deep Wind Offshore Wind Investor

4C Offshore | Mark Casey
By: Mark Casey 07/09/2023 Deep Wind Offshore
Deep Wind Offshore

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 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.

The company aims to build 10 GW of new offshore wind by 2032, with 2 GW under exclusive development in South Korea.

Deep Wind has a pipeline of projects in Norway, Sweden and South Korea.

Deep Wind says the 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 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." said Knut Vassbotn, CEO of Deep Wind Offshore.

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.

"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," added Zoisa North-Bond, CEO of Octopus Energy Generation.

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.

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


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