Tuesday, December 6 2022 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Today's News
Yesterday's News
Week of Dec 05
Week of Nov 28
Week of Nov 21
Week of Nov 14
Week of Nov 07
By Topic
By News Partner
Gas News
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Octopus Energy Ramps up Offshore Wind Activity by Upping Stake in UK Wind Farm


    September 28, 2022 - Gulf Oil & Gas

     

      •Increases stake in Lincs Offshore Wind Farm to 23.25% on behalf of investors •Investment marks 4th offshore deal since entering this market earlier this year •UK already the world leader in offshore wind - a key pillar of the country’s energy security plans and reducing reliance on imported gas

      Octopus Energy Generation, one of Europe’s largest investors in renewable energy, is upping its offshore wind activity in the UK, as offshore wind helps reduce the country’s reliance on imported gas.

      In this latest deal, Octopus Energy Generation’s fund management team is acquiring a further 15.5% stake in the 270 MW Lincs Offshore Wind Farm off the coast of Skegness in the east of England, on behalf of the Sky fund (ORI SCSp) and Octopus Renewables Infrastructure Trust (ORIT). This increases the team’s total stake in the wind farm to 23.25%.

      Octopus Energy Generation’s managed Sky fund backed by institutional investors took a 7.75% stake. ORIT doubled its stake by taking another 7.75%. This builds on activity from earlier this year, where Octopus took a 7.75% stake in this big UK wind farm on behalf of ORIT.

      The Lincs wind farm is made up of 75 wind turbines across 35 square kilometres, generating enough energy to power 240,000 UK homes a year. This equates to taking nearly 200,000 petrol cars off the road and avoiding over 350,000 tonnes of carbon emissions every year. It has been operational since 2013 and is operated by Ørsted.

      Octopus has been ramping up its offshore wind investments after only entering this market for the first time earlier this year. In less than 6 months, there’s been significant momentum, including acquiring the Borssele V offshore wind farm in the Netherlands, and partnering with Nest and GLIL to take a stake in one of the world’s largest offshore wind farms, Hornsea One in the UK. It also took a stake in floating offshore wind developer Simply Blue last year.

      The UK already has 11 GW of offshore wind and is the world’s leader in this renewable technology, with lots more in the pipeline. This comes as offshore wind costs have fallen to record lows, helping to drive down the cost of energy in the long term*.

      Zoisa North-Bond, CEO of Octopus Energy Generation, comments: “Harnessing the UK’s strong wind resources out at sea is an integral part of securing energy independence. Offshore wind farms like this help the UK wean itself off imported gas and importantly, lower energy bills. We only started investing in offshore wind earlier this year and we’ve already made big waves in this space in a matter of months - and there’s more to come.”

      Matt Setchell, Co-head of Octopus Energy Generation’s fund management team: “In the drive towards a 100% renewable energy system in the future, we’ll need a real mix of technologies, with offshore wind playing a significant role. We’re working with investors to make their money make a positive impact and ultimately accelerate the drive towards a cleaner, cheaper energy system for everyone.”

      Octopus Energy Generation is one of Europe’s largest investors in renewable energy, with its fund management team managing 3 GW of renewable energy assets across Europe worth £4.4bn. The company is stepping up its generation capabilities and is planning to create 18 GW of green energy generation projects across the world by 2027.

    TOP

    Other Articles - International


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.