Octopus Energy Generation’s offshore wind investment
Octopus Energy Generation will invest $20 B into offshore wind by 2030.
Image for illustration purposes.
UK, London: Octopus Energy Generation will invest $20 B into offshore wind by 2030.
Octopus Energy Generation is set to invest $20 B (£15 B) into offshore wind by 2030 with the aim of generating 12 GW of renewable electricity per year and bolstering offshore wind capacity globally, with a focus on Europe.
Octopus Energy Generation has already been expanding within the European wind market by opening seven new onshore wind farms in the UK, Germany, Sweden, France, and Poland earlier in 2023, with a combined capacity of 250 MW.
Outside Europe, Octopus signed deals in Japan for services provision and production of around 250 MW of solar power.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Offshore wind has already rapidly transformed the UK’s energy system – and we’re incredibly excited about the potential for this technology globally. We’ve got big plans to invest in even more of these big fans to help wean ourselves off polluting gas. Offshore wind will undoubtedly continue to play a pivotal role in meeting net zero, boosting energy security and driving down bills.”
Octopus’ offshore wind expansion plans come just after RenewableUK’s latest report stating that the UK’s offshore wind project pipeline had reached 97.94 GW, whereas the global pipeline came at 1.23 TW.
Source: Current News
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https://transformers-magazine.com/tm-news/undersea-power-cables-to-connect-uk-and-morocco/
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