British energy company Octopus Energy said on Monday that it plans to lead $20 billion (15 billion pounds) worth of investment in offshore wind power projects worldwide by 2030, according to the Oil Price Network on July 24.
Octopus Energy said it plans to "unlock" $20 billion of investment in offshore wind to produce 12 gigawatts (GW) of renewable electricity a year, enough to power 10 million homes.
Octopus is targeting global projects with a focus on Europe and already has several deals in the pipeline. The company plans to support developers of new offshore wind farms, as well as wind farms already under construction or in operation.
Octopus Energy also supports Simply Blue, a company developing floating offshore wind projects. "We have big plans to invest in more large-scale wind energy facilities to help wean us off natural gas,
" Octopus Energy CEO Zoisa North-Bond said in a statement.
"There is no doubt that offshore wind will continue to play a key role in achieving net zero emissions, improving energy security and lowering energy bills."
However, the cost of offshore wind projects has soared in recent months, prompting some developers to rethink their offshore wind investments.
Last week, Swedish utility Vattenfall said it would stop developing a major offshore wind project in the UK as soaring costs and challenging market conditions put pressure on new developments.
Vattenfall said in its second-quarter earnings release on July 20 that it would not continue to develop the 1.4 gigawatt (GW) Norfolk Boreas offshore wind project because of a 40% increase in costs in the offshore wind industry.
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