Octopus Energy has announced some £15bn worth of investment for offshore wind power by 2030.
Unveiling the plan on Monday, Octopus said the investment would help generate some 12GW of electricity production capacity a year - enough to power around 10mln homes.
A focus will be placed on European projects, the energy firm’s generation arm said, though the investment will be spread globally with “several deals in the pipeline” already.
“We’re incredibly excited about the potential for this technology globally, chief executive Zoisa North-Bond said, “we’ve got big plans to invest in even more of these big fans to help wean ourselves off polluting gas”.
Investments will be targeted at developers at all stages, including toward new farms, those under construction or sites that are already operational.
Having first invested in the offshore wind market last year, Octopus has built stakes in Lincs and Hornsea One, both off England’s east coast, alongside acquiring Borssele V in the Netherlands.
“Offshore wind will undoubtedly continue to play a pivotal role in meeting net zero, boosting energy security and driving down bills,” North-Bond added.
Octopus’ new investment will add to some £800mln spent in the last year, and will back new and innovative technologies – including floating offshore wind being built by Cork-based Simply Blue.