Britain’s Octopus to buy stake from Norwegian offshore wind developer
- September 13, 2023
- Posted by: Quatro Strategies
- Categories: ESG & Renewable Energy, Europe
Octopus Energy, a British energy company, is set to acquire a stake in Deep Wind Offshore, a Norwegian offshore wind developer with projects in Norway, Sweden, and South Korea. The financial details of the transaction and the size of the stake were not disclosed. This investment is made by Octopus Energy’s generation arm and adds to the existing investments from Knutsen OAS, Haugaland Kraft, and Sunnhordland Kraftlag.
Deep Wind Offshore is focused on building 10 gigawatts (GW) of offshore wind capacity by 2032, with 2 GW already under exclusive development in South Korea and plans to bid in upcoming auctions in Norway.
Octopus Energy plans to invest $20 billion in offshore wind projects globally. This deal represents Octopus Energy’s entry into the renewable markets of Norway and South Korea, expanding its portfolio of renewable energy investments.
Octopus Energy is already involved in offshore wind projects in England and the Netherlands and is an investor in floating offshore wind developer Simply Blue.
This move further demonstrates the company’s commitment to expanding its presence in the offshore wind sector and supporting the global transition to renewable energy sources.
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
EU prepares for lasting energy strain from Iran conflict
The European Commission is signaling that it sees the current energy shock as something more serious than a brief wartime price spike, pointing to the Strait of Hormuz as a major choke point for Europe’s fuel system. According to the Commission’s figures, around 8.5% of the EU’s LNG, 7% of its oil, and fully 40% of its jet fuel and diesel transit through Hormuz.
What makes that warning important is that Europe is not facing a simple repeat of the 2022 gas shock. Back then, the main vulnerability was Russian pipeline supply. This time, the exposure is broader and more indirect.
Trump orders crackdown on U.S. wind and solar incentives
U.S. President Donald Trump has moved aggressively to curtail government support for wind and solar power, ordering federal agencies to tighten rules around tax benefits for renewable energy projects as part of a broader push to prioritize fossil fuels and energy “independence.”
In an executive order issued Monday, Trump directed the Treasury Department and the Interior Department to ramp up enforcement of provisions contained in the recently passed One Big Beautiful Bill Act — a sprawling budget package that Congress approved and Trump signed into law last week. The legislation effectively accelerates the wind-down of federal tax credits for renewable energy developers, slashing incentives that were previously locked in through the next decade.
Netherlands’ Eneco announces plan to build green hydrogen facility at Rotterdam Port
Eneco, a prominent Dutch energy company, has unveiled ambitious plans to construct a hydrogen plant in the Rotterdam port area, designed to be powered exclusively by renewable energy. This strategic move involves filing a planning application for the creation of an electrolyzer, a…