Inspenet, December 27, 2023.
Octopus Energy has acquired a 12.5% stake in the Walney Extension offshore wind farm, which has a capacity of 660 MW and is located in England. The company made this acquisition of a stake in Walney Extension from AIP Management, the investment manager of the Danish pension fund PKA and PFA.
About Walney Extension Offshore Wind Farm
This wind farm consists of 87 wind turbines each with a height of 158 meters. Operational since 2018, the project provides clean energy to almost 600,000 homes . Located in the Irish Sea off the coast of Barrow-in-Furness in north-west England, the Walney Extension offshore wind farm marks the sixth such project Octopus has invested in since last year.
The most recent investment came from the new Octopus Energy Offshore Wind fund, with capital of £3 billion . This fund was established with a lead investment from Tokyo Gas and the Sky fund, both managed by Octopus Energy Generation.
“The future of offshore wind is here and now and just this year, wind overtook gas in Britain. The UK is already a world leader in offshore wind energy and we are confident that this secure, local energy source will play an even greater role in the country’s energy mix. We are delighted to make this investment after we recently announced our Offshore Wind Fund and will continue to rapidly expand our offshore wind business globally.”said Zoisa North-Bond, CEO of Octopus Energy Generation.
Importantly, the investment is aligned with Octopus’ strategy to allocate £15 billion to the global offshore wind sector by 2030. Likewise, the company has allocated investments to developers of new offshore wind farms with projects in various nations, such as South Korea, Norway, Sweden, Ireland, Spain, among others.
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