Octopus launches €3.5 billion offshore wind fund with Japanese utility

UK utility Octopus Energy’s generation arm has launched its first offshore wind fund – a £3 billion (€3.4 billion) venture with Japanese utility Tokyo Gas.

The pair plan to invest this total in global offshore wind – including both projects using fixed-bottom foundations and those using floating platforms – with a special focus on Europe, by 2030.

They intend to invest in development, construction and operation of offshore wind, as well as in companies developing new offshore wind farms.

The new fund is part of Octopus’ plans to invest $20 billion in global offshore wind by 2030, with Germany, the Netherlands, Norway, South Korea, Sweden, and the UK among its target markets.