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
China’s nickel trade landscape altered by rise of Indonesian intermediates and processing
The dynamics of China’s nickel trade are experiencing significant shifts, driven by the country’s increasing reliance on Indonesian nickel intermediates and the emergence of new processing capabilities. China’s traditional role as a net importer of refined nickel has been challenged by…
Beijing prepares targeted response to EU tariffs on Chinese vehicles
China is poised to respond cautiously to the European Union’s recent decision to escalate tariffs on Chinese electric cars, opting for limited and targeted retaliation rather than a sweeping countermeasure that could escalate tensions further. The EU’s move, which could raise tariffs on Chinese vehicles up to 48% starting next month…
Brazil’s Eletrobras to supply hydropower for green hydrogen production
Brazil’s Eletrobras, Latin America’s largest utility, has signed a memorandum of understanding with Prumo, an infrastructure company, to produce green hydrogen at the Port of Açu in Rio de Janeiro. This agreement, announced on Wednesday at an event in Rio, aims to explore the development of a pilot plant and conduct…