Octopus Energy has continued on a path of buying into offshore wind projects with the acquisition of a stake in the Walney Extension farm, off England’s north east coast.
Octopus’s generation arm has bought a 12.5% stake in the 87 turbine-strong, 660MW wind farm, the company announced on Monday.
This marks the firm’s sixth investment in offshore wind since last year, Octopus added, with the site off Barrow-in-Furness having been capable of powering almost 600,000 homes since commissioning in 2018.
Walney Extension is among the 10 largest wind farms in the world as a result, with the site's turbines each also impressive in size at larger than the 158 metre-tall Blackpool tower.
“We’re overjoyed to make this investment [...] and we’ll continue to rapidly scale our offshore wind activity globally,” Octopus Energy Generation boss Zoisa North-Bond commented.
“The UK is already a world leader in offshore wind and we’re confident this secure and home-grown energy source will play an even bigger role in the UK’s energy mix.”
Octopus added that the investment was made through its recently-launched £3 billion offshore wind fund.