The generation arm of the UK’s largest energy supplier, Octopus Energy, has taken a 10% stake in one of the world’s largest operational wind farms.
The company has purchased a 10% stake in the East Anglia One wind farm, a 714MW development located 43km off the coast of Suffolk. The wind farm is owned by a joint venture of ScottishPower Renewables and Bilbao Offshore Holding and has been operational since 2021.
This stake was acquired from Macquarie Asset Management and completed on behalf of Vector, Octopus’ offshore wind fund. Vector invests in fixed and floating offshore wind projects as well as new technology projects to help bring the cost of wind development down.
The investment into te 102-turbine project is the fourth that Octopus Energy has made into a British offshore wind farm. Octopus also owns stakes in the 1.2GW Hornsea One wind farm, the 659MW Walney Extension and the 270MW Lincs Extension, all owned by Ørsted with the Macquarie European Infrastructure Fund also having a stake in the latter.
In Europe, Octopus also has stakes in the 288MW Butendick offshore wind farm, located 53km off of Germany, and the Borssele V and Borssele III & IV wind projects in the Netherlands. In the past two years, Octopus Energy Generation has invested over $2 billion (£1.54 billion) in offshore wind projects in the UK and Europe.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Britain is blessed with strong winds and long coastlines – perfect conditions for offshore wind. The sector has become a vital pillar of our energy system over the past years, and this investment will help to turbocharge this clean technology further, bringing cheaper, greener power to people across the country.”
Strong moves for Octopus Energy Generation
This is the latest in a series of major investments and launches for Octopus Energy Generation.
In September of last year, Octopus Energy Generation took full ownership of Exagen Group, a significant player in the UK solar and energy storage sector. Following this 100% equity buyout, Octopus Energy Generation now has full ownership of Exagen’s development pipeline, made up of over 2.4GW of solar energy and of solar energy and battery energy storage system (BESS) projects across England.
Octopus Energy Generation currently has a portfolio worth around £6.7 billion worldwide, with a 3.7GW combined generation capacity across various generation types.
