By Nora Buli
OSLO (Reuters) – Britain’s Octopus Energy said on Thursday it is taking a stake in Norway-based offshore wind developer Deep Wind Offshore, with a pipeline of projects in Norway, Sweden and South Korea.
Neither party wished to disclose the financial details nor the size of the stake being acquired.
The investment is made by Octopus Energy’s generation arm, which joins existing investors Knutsen OAS, Haugaland Kraft and Sunnhordland Kraftlag.
“Working with Deep Wind Offshore is hugely exciting, providing access to new offshore wind markets for us where they have deep expertise,” Zoisa North-Bond, CEO of Octopus Energy Generation said in the statement.
Deep Wind Offshore aims to build 10 gigawatts (GW) of new offshore wind by 2032, with 2 GW under exclusive development in South Korea and planned bids for upcoming auctions in Norway.
“The backing of Octopus combined with our expertise means we now have the strength to rapidly grow internationally,” Deep Wind Offshore’s CEO Knut Vassbotn said in the statement.
Octopus Energy is planning to invest $20 billion dollars in offshore wind globally, with the latest deal marking its entry into Norway and South Korea’s renewable markets, it said.
The company already has stakes in the Lincs and Hornsea One offshore wind farms in England, as well as the Borselle V wind farm in the Netherlands, and is an investor in floating offshore wind developer Simply Blue.
(Reporting by Nora Buli, editing by Terje Solsvik)
