Octopus Energy’s generation arm is investing in offshore wind projects in Norway, Sweden, and South Korea via Deep Wind Offshore.

Octopus Energy Generation has invested an undisclosed amount in the offshore wind developer planning to build 10GW of new offshore wind by 2032, with 2GW exclusively developed in South Korea.

The deal represents Octopus Energy Generation’s entry into Norway and South Korea’s renewables markets and lifts the number of countries it has projects to 15.

Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Working with Deep Wind Offshore is hugely exciting, providing access to new offshore wind markets for us where they have deep expertise.

“Ultimately, the more offshore wind farms built across the globe, the quicker we can drive down bills and create a more secure energy system for everyone.”

Deep Wind Offshore, launched in January 2021 in Norway is backed by Norwegian shipping and energy companies Knutsen OAS, Haugaland Kraft, and Sunnhordland Kraftlag.

Knut Vassbotn, CEO of Deep Wind Offshore, said: “Welcoming Octopus as an investor will enable Deep Wind Offshore to fast-track international growth and strengthen its position in Norway.

“Knutsen Group, Haugaland Kraft and SKL have provided the ideal foundation for the company and are committed to continue supporting the business.”

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