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
NATO’s €1.1 billion ammunition deal bolsters support for allies and Ukraine
NATO has signed a €1.1 billion ($1.2 billion) contract for hundreds of thousands of 155mm artillery rounds, with some of them intended to be supplied to Ukraine. NATO Secretary-General Jens Stoltenberg emphasized that the war in Ukraine has become a battle of ammunition, addressing the…
Qatar to supply Kuwait with 3 million tons of LNG annually under new 15-year deal
Qatar and Kuwait have finalized a significant agreement for Qatar to supply Kuwait with 3 million tons per annum (mtpa) of liquefied natural gas (LNG) over 15 years, marking the second such deal between the two countries since 2020. The agreement, signed by the chief executives of QatarEnergy and Kuwait Petroleum Corporation…
Iron ore market faces downward pressure amidst weakening China demand
The iron ore market is experiencing a significant shift, with prices facing downward pressure due to a combination of fundamental factors and sentiment issues, particularly in China, the world’s largest importer of the commodity. This trend is expected to persist in the short term, influencing both…