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
France secures €700 million investment from aviation company Lilium and nickel producer KL1
German aviation company Lilium and Swiss-based nickel refinery KL1 are set to establish new sites in France, marking a combined investment of 700 million euros ($753.83 million), announced French Finance Minister Bruno Le Maire on Sunday. Lilium plans to invest 400 million euros in a new factory…
Canada’s First Quantum slashes workforce and production at Australian nickel mine
First Quantum Minerals, a Canadian mining company, has announced significant workforce reductions and a cut in production at its Raventhorpe nickel mine in Australia due to a substantial downturn in nickel prices. The Raventhorpe mine, jointly owned by First Quantum and South Korea’s…
Shipping caught in crossfire of expanding U.S. trade war
President Donald Trump’s latest round of trade tariffs has sparked deep anxiety within the global shipping industry, threatening significant disruptions to maritime trade as shipping companies struggle to anticipate the fallout from intensifying trade tensions.
On Wednesday, Trump’s administration is expected to unveil wide-ranging “reciprocal tariffs,” aiming specifically at countries that impose substantial duties on American goods. This announcement follows previous tariff measures imposed on key U.S. trading partners such as China, Mexico, and Canada, covering products ranging from steel to automobiles.