Octopus Energy Generation bought about 8% of the shares in the 270 MW Lincs offshore wind farm off the coast of Skegness in the east of England, the company said in a press release.
The wind farm consists of 75 wind turbines with an area of 35 square meters and is operated by global renewable energy developer Ørsted.
Offshore wind power is one of the UK government’s essential plans to improve energy security.
Octopus is also ramping up new technology innovations, including floating offshore wind turbines. Octopus acquired a 24% stake in floating offshore wind farm developer Simply Blue Group in 2021 to expand the company’s operations in the UK and overseas.
Ørsted recently joined a joint venture between Simply Blue Group and Subsea 7 to develop the Salamander floating offshore wind turbine off the coast of Scotland.
Octopus Energy Generation is one of the largest renewable energy investors in Europe and aims to develop 18-gigawatt clean energy projects by 2027.