Octopus Energy inaugurates its maiden offshore wind fund, established with a significant £190 million (€220 million) cornerstone investment from Tokyo Gas, a major Japanese energy conglomerate. The fund is poised to allocate £3 billion (€3.5 billion) into global offshore wind initiatives by 2030, prioritizing European projects aimed at mitigating reliance on fossil fuels and fortifying energy security measures.

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 £15 billion (€17 billion) into this sector and unlock this green energy for millions of homes globally by 2030.

Zoisa North-Bond, CEO of Octopus Energy Generation said that “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.”

For his part, Kentaro Kimoto, Representative Corporate Executive Officer, Vice President of Tokyo Gas, added that “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.”