Octopus Energy, a UK-based energy company, has increased its shareholding in the 270 MW Lincs offshore wind farm off the east coast of England. The fund management group of Octopus Energy Generation expanded its share in the project from 23.25 to 31.5 per cent by purchasing an additional 7.75 per cent of the 270 MW offshore facility. With this agreement, Octopus has invested $1 billion in offshore wind assets in less than a year.
Also, the company intends to increase its offshore wind activity in 2023. Prior to this, Octopus managed a stake in Lincs for its Sky fund (ORI SCSp) and Octopus Renewables Infrastructure Trust (ORIT). On the behalf of the Sky fund, the company purchased the additional share in Lincs. No financial details of the deal have been disclosed. The Lincs wind farm, which contains 75 wind turbines, can provide renewable electricity to more than 240,000 households in the UK while displacing more than 350,000 tonnes of carbon emissions each year.
In December 2022, Octopus Energy Group signed a power purchase agreement with Shell Energy Europe to purchase 2.4 TWh of wind energy per year from the Dogger Bank offshore wind farm. In accordance with the agreed-upon agreements, Octopus Energy would receive enough renewable energy from the 3.6 GW Dogger Bank project to power 800,000 of its client houses.
