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Octopus has made its first acquisition using its dedicated wind fund to add a stake in Walney offshore wind farm to its generation portfolio.
The company bought a 12.5% share in the project, which is located in the Irish Sea, off the coast from Barrow-in-Furness.
The deal was completed through the energy firm’s newly launched £3 billion Octopus Energy Offshore Wind fund, which was established with an investment from Tokyo Gas and Sky fund, both of which are managed by Octopus Energy Generation.
Octopus Energy Generation’s chief executive, Zoisa North-Bond, said: “The future for offshore wind is here and now – and just this year, wind power overtook gas in Britain. The UK is already a world leader in offshore wind and we’re confident this secure and home-grown energy source will play an even bigger role in the country’s energy mix. We’re overjoyed to make this investment after we recently announced our Offshore Wind Fund, and we’ll continue to rapidly scale our offshore wind activity globally.”
The 87 turbines in the Walney extension have the capacity to generate 660MW, making the site one of the largest windfarms in the world.
The stake was previously owned by AIP Management, the investment manager for Danish pension funds.
Walney is the sixth offshore windfarm Octopus has invested in this year following recent UK deals with Hornsea One and Lincs as well as schemes in the Netherlands and Germany.
Octopus Energy Generation has also backed windfarm projects in Norway, Sweden, Ireland, Spain and South Korea.
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