Octopus Energy has taken a 10% stake in the 714MW East Anglia One offshore wind farm, based off the coast of Suffolk.
Octopus acquired the stake from Macquarie Asset Management for an undisclosed sum on behalf of Vector, Octopus’ offshore wind fund aimed at investing in fixed and floating offshore wind projects.
The deal marks Macquarie’s third sale of its stake in the project, having started holding 40% of the £2.5 billion project, with ScottishPower Renewables holding the rest.
It sold 20% of the project to the Renewables Infrastructure Group (TRIG) in 2020 when the wind farm went into operations, followed by another 10% in 2024 to NTR on behalf of L&G NTR Clean Power and the Development Bank of Japan.
The deal is also Octopus Energy’s fourth investment in a UK offshore wind farm and its seventh in Europe.
In addition to East Anglia One, Octopus has stakes in the UK’s Hornsea One, Lincs and Walney Extension, along with Butendiek in Germany, and Borssele V and Borssele III & IV in the Netherlands.
The East Anglia deal builds upon the company’s $2bn of total offshore wind investments made last year.
The company has previously said it aims to invest £2bn in UK clean energy projects by 2030, with the East Anglia One deal contributing to this goal.
Octopus added that it is looking at the French market as it plans to enter the country’s offshore wind tender and develop a brand-new offshore wind farm in partnership with Skyborn Renewables.
Octopus Energy Generation CEO Zoisa North-Bond said: “Britain is blessed with strong winds and long coastlines – perfect conditions for offshore wind.
“The sector has become a vital pillar of our energy system over the past years, and this investment will help to turbocharge this clean technology further, bringing cheaper, greener power to people across the country.”
The East Anglia One wind farm is flanked by the East Anglia One North and East Anglia Two developments, the latter of which is not in operation as of yet.
The East Anglia cluster of wind projects is operated by ScottishPower Renewables and also includes the East Anglia Three development, which won government funding through a contract for difference (CfD) in the government’s latest Allocation Round.
