Renewables

Al Gore-backed Energy Group Announces $20 Billion Investment in Offshore Wind

A UK-based energy supplier that counts former U.S. Vice President Al Gore among its investors announced it would pour about $20 billion into offshore wind projects by 2030.

Octopus Energy Group on July 24 said the investment would come through its generation division. The company said it envisions building 12 GW of offshore wind capacity worldwide, particularly in Europe, over the next few years.

The company in a news release said it would support developers of new offshore wind farms in addition to investing in projects already operating or under construction. Gore’s Generation Investment Management, a private equity group focused on renewable and sustainable energy projects, in 2021 announced a $600 million investment in Octopus.

Octopus already has investments in the 1.2-GW Hornsea One project and the 270-MW Lincs installation, both located off the east coast of England. The group late last year signed a power purchase agreement with Shell Energy to receive electricity from the massive 3.6-GW Dogger Bank offshore wind farm (which will use GE-manufactured turbines) being developed in the North Sea, off the northeast coast of England.

“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.”

The company earlier acquired the 19-MW Borssele V wind farm in the Netherlands. Octopus also is an investor in Simply Blue, an Ireland-based developer of ocean energy projects, including floating offshore wind installations.

Octopus Energy’s generation arm today manages about $7.7 billion of renewable energy projects worldwide. It entered the offshore wind market in 2022 and to date has signed five deals with a total investment of about $1 billion, according to the company.

Darrell Proctor is a senior associate editor for POWER (@POWERmagazine).

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