Octopus Energy has successfully acquired a 12.5% stake in the 660-megawatt (MW) Walney Extension offshore wind farm situated in the Irish Sea. The stake purchase was made from AIP Management, the investment manager representing Danish pension funds PKA and PFA. The financial details of the transaction have not been disclosed, as announced by Octopus on Monday.
Walney Extension, operational since 2018 and boasting a capacity of 660 MW, is overseen by Denmark's Orsted, which retains a 50% stake in the project. The wind farm has been a significant contributor to the energy landscape, generating power to meet the needs of nearly 600,000 homes.
This strategic investment aligns with Octopus Energy's broader vision and was facilitated through its recently launched Octopus Energy Offshore Wind fund, valued at £3 billion ($3.7 billion). The fund, initiated this month, aims to bolster the company's involvement in offshore wind projects.
Octopus Energy, already holding stakes in the Hornsea One and Lincs offshore wind farms in the UK, continues to reinforce its position in the sector. The company's expansion strategy extends beyond the British shores, with global investments in offshore wind technologies, including ventures in Europe and Asia.
The acquisition of a stake in Walney Extension signifies Octopus Energy's commitment to sustainable energy practices and further diversification of its offshore wind portfolio.
