Octopus Energy Generation has ramped up its offshore wind activity by upping its stake in the Lincs Offshore Wind Farm.
The renewable energy investor has increased its stake in the site to 23.25% on behalf of investors.
Octopus has been growing its offshore wind investments since entering the market earlier this year.
In this latest deal, Octopus Energy Generation’s fund management team is acquiring a further 15.5% stake in the 270 MW wind farm off the coast of Skegness in the East of England, on behalf of the Sky fund (ORI SCSp) and Octopus Renewables Infrastructure Trust (ORIT).
Octopus Energy Generation’s managed Sky fund backed by institutional investors took a 7.75% stake. ORIT doubled its stake by taking another 7.75%. This builds on activity from earlier this year, where Octopus took a 7.75% stake in this UK wind farm on behalf of ORIT.
The Lincs wind farm is made up of 75 wind turbines across 35 square kilometres, generating enough energy to power 240,000 UK homes a year.
This equates to taking nearly 200,000 petrol cars off the road and avoiding over 350,000 tonnes of carbon emissions every year.
It has been operational since 2013 and is operated by Ørsted.
This latest investment marks Octopus’ fourth offshore deal since entering the market earlier year.
Investments have included acquiring the Borssele V offshore wind farm in the Netherlands and partnering with Nest and GLIL to take a stake in one of the world’s largest offshore wind farms, Hornsea One in the UK.
It also took a stake in floating offshore wind developer Simply Blue last year.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Harnessing the UK’s strong wind resources out at sea is an integral part of securing energy independence. Offshore wind farms like this help the UK wean itself off imported gas and importantly, lower energy bills.
“We only started investing in offshore wind earlier this year and we’ve already made big waves in this space in a matter of months - and there’s more to come.”
Matt Setchell, co-head of Octopus Energy Generation’s fund management team, added: “In the drive towards a 100% renewable energy system in the future, we’ll need a real mix of technologies, with offshore wind playing a significant role.
“We’re working with investors to make their money make a positive impact and ultimately accelerate the drive towards a cleaner, cheaper energy system for everyone.”
Octopus Energy Generation’s fund management team is now managing 3 GW of renewable energy assets across Europe worth £4.4bn.
The company is stepping up its generation capabilities and is planning to create 18 GW of green energy generation projects across the world by 2027.