Reuters writes that, as per Octopus Energy officials, the investment will help generate 12 GW of green power every year, enough to power 10 million households and it will target projects across the globe, with the focus being on Europe.
Zoisa North-Bond, CEO of Octopus Energy Generation, said that "offshore wind has already rapidly transformed the UK's energy system and we're incredibly excited about the potential for this technology globally. Offshore wind will undoubtedly continue to play a pivotal role in meeting net zero, boosting energy security and driving down bills."
Octopus' announcement comes after Swedish green power expert Vattenfjall announced that it would cease the development of its British Norfolk Boreas wind farm due to the project costing too much money.
With one year on the offshore wind market, Octopus Energy Generation now manages 7.7 billion USD worth-of offshore wind plants and looks to become one of the leaders in this market by 2030.