Deep Wind Offshore secures Octopus backing for ‘rapid international growth’

UK developer Octopus Energy Generation has invested in Norwegian counterpart Deep Wind Offshore, which is looking to build 10GW of new offshore wind capacity by 2032.

It has not confirmed how much it is investing in Deep Wind Offshore or whether it has bought an equity stake in the Norwegian developer.

Octopus recently announced plans to invest £15 billion ($20 billion) in global offshore wind by 2030.

Deep Wind Offshore is developing projects in Norway, Sweden and South Korea.

It is backed by leading Norwegian shipping and energy companies Knutsen OAS, Haugaland Kraft and Sunnhordland Kraftlag.

Since launching in 2021, the Norwegian developer has formed joint ventures with energy majors like EDF Renewables and BP.

Knut Vassbotn, CEO at Deep Wind Offshore, said: “The backing of Octopus combined with our expertise means we now have the strength to rapidly grow internationally.”