Octopus Energy launches landmark £3bn offshore wind fund with Tokyo Gas

Octopus Energy boat trip to Lincs offshore wind farm.

Octopus Energy’s generation arm - which manages £6bn (€7bn) of green energy projects - has launched its first ever offshore wind fund. 

The fund, set up with a £190m (€220m) cornerstone investment from Japanese energy giant Tokyo Gas, plans to invest £3bn (€3.5bn) in offshore wind globally by 2030. Projects will focus on Europe to reduce fossil fuels reliance and boost energy security. 

The Octopus Energy Offshore Wind fund will invest in development, construction, and operational stage offshore wind farms, as well as companies creating new offshore wind. 

It will look at both traditional offshore wind turbines which are fixed to the seabed and floating offshore wind turbines which harness strong winds deeper at sea. 

This is the next step in Octopus’ plans to unleash £15bn (€17bn) into this sector and unlock this green energy for millions of homes globally by 2030. 

Julia Longbottom CMG, British Ambassador to Japan, described the "significant cornerstone investment from Tokyo Gas into the Octopus Energy Offshore Wind Fund" adding it would "boost offshore wind development in the UK and globally".

"This is a clear sign of the growing partnership between the UK and Japan on offshore wind, which was further strengthened by the Hiroshima Accord," she said. 

“The UK is a world leader in offshore wind, and we are committed to growing this sector even further.

"I am particularly pleased that this investment is coming from Tokyo Gas, a leading Japanese energy company.

"Japanese companies are recognising the UK's potential as a global hub for offshore wind, forming strategic alliances with leading and innovative UK partners like Octopus. They also increasingly recognise the UK’s credentials as an international financial centre and global hub for asset and investment management."

She added the UK-Japan partnership on offshore wind is "growing in strength every year", playing a "vital role in our global efforts to tackle climate change. I am confident that this investment will help us to achieve our shared goals and build a better future for both of our countries".

Octopus first invested in offshore wind farms last year with its stakes in Hornsea One and Lincs in the UK. Since then it has rapidly scaled its activity, also backing one of Europe’s largest farms, Borssele III & IV in the Netherlands. 

It has also invested in developers of new offshore wind farms with projects in countries including South Korea, Norway, Sweden, Ireland, Spain, and more.

With 64 GW of installed capacity globally, offshore wind is already one of the most important renewable sources. It will play a key role in the future energy system, with forecasts expecting it to increase to 447 GW over the next ten years. It comes as offshore wind is set to be a trillion dollar industry by the end of the decade.

Zoisa North-Bond, CEO of Octopus Energy Generation said: “It’s absolutely brilliant to launch our first ever fund dedicated solely to offshore wind investment together with such a visionary partner Tokyo Gas. The potential to make a positive impact, boost energy security and reduce fossil fuels dependence is massive with offshore wind. 

“This latest partnership further deepens Octopus Energy’s relationship with Tokyo Gas - and we look forward to welcoming on board more investors so together we can tap into this huge offshore wind opportunity worldwide.” 

Kentaro Kimoto, Representative Corporate Executive Officer, Vice President of Tokyo Gas, said: “Tokyo Gas and Octopus Energy have been providing more customers nationwide in Japan with clean electricity derived from renewable energy sources through TG Octopus Energy. It is our pleasure that our commitment to the Fund is developing and reinforcing the strategic partnership with Octopus Energy for investments in the offshore wind space. 

“Tokyo Gas has set a target to acquire and trade 6 GW renewable power sources by 2030. To accomplish this goal, we have proactively taken multifaceted approaches for offshore wind projects, and will accelerate developments of offshore wind, including floating offshore wind.”

This deal further strengthens Octopus Energy Group’s and Tokyo Gas’s strategic partnership who joined forces in 2020 to set up the energy supplier Octopus Energy in Japan. 

Earlier this year, Octopus also announced plans to rapidly scale Asia-Pacific renewables investment as well as expanding its Tokyo tech innovation and energy retail hub. 

And last month, Tokyo Gas licensed Octopus’ tech platform Kraken to enhance its service and speed up the drive to a greener system for its millions of energy customers. 

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