Deep Wind Offshore aims to build up to 10GW of offshore wind by 2032. Credit: Teun van den Dries/Shutterstock.com.

British renewables company Octopus Energy has purchased a stake in Deep Wind Offshore, a Norway-based offshore wind energy developer.

Financial details of the transaction were not shared.

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Octopus will join Deep Wind Offshore’s existing owners, which include Knutsen OAS, Haugaland Kraft and SKL. Octopus can now enter the Norwegian and South Korean renewables markets, bringing the total number of countries in which it has a presence to 15.

The investment is part of the company’s plan to invest $20bn (€18.67bn) in offshore wind during the 2020s, announced in July 2023.

It has been made by the company’s generation arm, which manages green energy projects worth $7.7bn worldwide.

Octopus Energy generation CEO Zoisa North-Bond stated: “The potential for offshore wind is absolutely massive and in many ways we are only at the start of this burgeoning industry. Working with Deep Wind Offshore is hugely exciting, providing access to new offshore wind markets for us where they have deep expertise.

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“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.”

Established in January 2021, Deep Wind Offshore has since grown in a number of countries through partnerships with large organisations such as EDF Renewables and bp.

It is active in countries with wind potential, including Norway, Sweden and South Korea.

The company aims to build 10GW of new offshore wind by 2032, with 2GW under exclusive development in South Korea.

Octopus’ investment will speed up the company’s growth and further develop its pipeline in both fixed-bottom and floating offshore wind farms. It will also help expand its reach in other markets.

Deep Wind Offshore CEO Knut Vassbotn stated: “Welcoming Octopus as an investor will enable Deep Wind Offshore to accelerate international growth and strengthen its position in Norway. Knutsen OAS, Haugaland Kraft and SKL have formed the ideal basis for the company and will continue to be key owners.

“The support from Octopus combined with our expertise means that we now have the strength to grow significantly, also internationally. The investments from Octopus and our connection with Norwegian municipalities ensure that we will not only provide plenty of renewable energy but also a basis for future growth on both sides of the North Sea.”