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Octopus Energy's foray into offshore wind investment is nothing short of ambitious. Their newly unveiled Octopus Energy Offshore Wind Fund is poised to inject a staggering £3bn into operational offshore wind farms and pioneering developers, all within the next seven years. This audacious endeavor encompasses fixed-bottom and cutting-edge floating turbine projects across the globe.
The cornerstone funding for this monumental initiative comes from Tokyo Gas, a Japanese utility powerhouse, which has committed a substantial £190m to kickstart this venture. This isn't the first time Octopus Energy and Tokyo Gas have joined forces; it builds upon their pre-existing partnership.
Furthermore, Octopus Energy's expansion plans are open to more than just the United Kingdom. They are eyeing substantial growth in the Asia-Pacific renewables sector while concurrently nurturing their Tokyo tech innovation and energy retail hub.
Zoisa North Bond, CEO of Octopus Energy Generation, hailed the launch of the new fund and the next chapter in the company's partnership with Tokyo Gas.
"It's absolutely brilliant to launch our first-ever fund dedicated solely to offshore wind investment together with such a visionary partner, Tokyo Gas," she said. "The potential to make a positive impact, boost energy security, and reduce fossil fuels dependence is massive with offshore wind."
Notably, this partnership extends beyond financial investments, as Octopus Energy and Tokyo Gas are already deeply engaged in a joint energy retail venture in Japan known as TG Octopus Energy. Additionally, Tokyo Gas has secured the right to employ Octopus' cutting-edge tech platform, Kraken.
In parallel, Vestas, the Danish wind turbine manufacturer, is contemplating the establishment of a new wind turbine factory in Scotland. This development follows the UK government's decision to enhance the maximum reserve price in the upcoming clean energy auction round, creating favorable conditions for industry players.
Bloomberg reported that Vestas CEO Henrik Andersen had said the company is talking with officials about plans for an area with "immediate access to the sea and close to a large harbor that could very well be in Scotland."
In summary, Octopus Energy Generation's bold foray into offshore wind investment, the influential partnership with Tokyo Gas, and Vestas' plans for a Scottish wind turbine factory mark significant developments in the renewable energy landscape, underlining the dynamic and evolving nature of the sector.