Norway-based developer Deep Wind Offshore has brought in Britain’s Octopus Energy as a new investor as it looks to speed up international expansion and strengthen domestic projects.
Octopus will join the ownership side of the company, together with the existing industrial owners Norwegian shipping giant Knutsen OAS, utility Haugaland Kraft and generation, transmission and distribution company Sunnhordland Kraftlag (SKL).
Founded in Norway in January 2021, Deep Wind Offshore currently has a pipeline of projects in Norway, Sweden and South Korea and aims to build 10 GW of new offshore wind by 2032, with 2 GW under exclusive development in South Korea.
The size of Octopus’ investment was not disclosed, but Deep Wind said it would be funded “purely by UK pension capital”. The deal follows Octopus’ announcement to release $20bn in investment for offshore wind globally and marks the company’s entry into Norway and South Korea’s renewable markets.
“Welcoming Octopus as an investor will enable Deep Wind Offshore to accelerate international growth and strengthen its position in Norway, said Knut Vassbotn, CEO of Deep Wind Offshore, adding: “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.”
