Origin-backed Octopus Energy to spend $30 billion on offshore wind projects

British renewable energy group Octopus Energy – backed by Australian utility Origin Energy – has unveiled plans to invest nearly $A30 billion ($US20 billion) into offshore wind projects around the globe by 2030.

The group’s energy generation arm, Octopus Energy Generation, already manages $US7.7 billion worth of green energy projects around the globe, including a number of projects in development in Australia.

The focus of its offshore wind plans, however, will remain in Europe, with a target of 12GW of capacity by 2030. It first entered the offshore wind farm market last year, and has five offshore deals including stakes in the Lincs and Hornsea One offshore wind farms off the east coast of England.

Octopus also acquired the Borssele V wind farm in the Netherlands and backs Simply Blue, a developer of  floating offshore wind farms.

“Offshore wind has already rapidly transformed the UK’s energy system – and we’re incredibly excited about the potential for this technology globally,” said Zoisa North-Bond, CEO of Octopus Energy Generation.

“We’ve got big plans to invest in even more of these big fans to help wean ourselves off polluting gas. Offshore wind will undoubtedly continue to play a pivotal role in meeting net zero, boosting energy security and driving down bills.”

Origin owns a 20 per cent stake in Octopus Energy and parent company Octopus Group and the company is also heavily involved in Australia’s renewable energy industry, with a number of projects in the pipeline.

Octopus Australia has invested in a number of projects, including two large-scale solar and battery storage projects proposed for development in Victoria’s Gippsland region – the 44MW Perry Bridge and 80MW Fulham solar farms, and a separate project the Gippsland renewable energy park.

Octopus Australia has also acquired the 180MW Dulacca wind farm in Queensland the 333MW Darlington Point Solar Farm, and the 400MW Hay Plains wind project in south-west NSW.

Octopus also announced last month that it has acquired the Ardandra storage and solar project to pair with the recently commissioned Dulacca wind farm.