Octopus Energy has announced that is will be investing £400 million into the biggest offshore wind farm that the UK has seen yet. Working with partners, the new project will provide a significant boost for Britain's energy security at a time when the nation needs it most.
Amidst a climate of soaring energy bills and concern about the winter to come, the importance of clean energy is undeniable. Investors are also keen to invest in the vast potential of renewable energy, which could play a pivotal role in driving down energy bills as the energy crisis continues, driven primarily by global issues that show no signs of abating.
Octopus Energy is still relatively new in the energy market, but this latest joint venture is already its third foray into offshore wind development, with the group seeing the UK's wind resources as a fantastic way of driving energy bills down and providing vital energy security.
The group's fund management team has already sunk £200 million into the Hornsea One wind development. This giant Yorkshire coat wind farm is already generating enough clean energy for around 500,000 homes. The next phase of investment will be worth a further £200 million as part of a joint venture with GLIL Infrastructure.
The co-head of Octopus Energy Generation's fund management team, Alex Brierley, said that the new deal reflected rising demand from institutional investors for green energy projects. She added that it was particularly exciting to grow the company's existing relationship with Nest and to move into a new venture with GLIL in a move that would benefit people and the planet whilst helping to grow pension savers' investments for the longer term.
Octopus is also moving into other clean energy projects across solar and hydro technologies.