Octopus backs Ocergy in an effort cheapen wind farm construction

Octopus Energy's investment arm has closed a deal with Ocergy to expand floating offshore wind farms. Parties expect that the deal will help floating offshore wind farms around the world become more cost-effective due to Ocergy’s research capabailities and hyperlocal supply chain.

Ocergy uses a hyper-local supply chain approach, working with local manufacturers and creating green jobs in the areas where the turbines are installed.

The renewables provider works with over a dozen major developers across multiple gigawatts (GW) of projects, with their first foundations to be installed by 2025/26.

 The investment is made on behalf of Vector, Octopus Energy’s offshore wind fund launched at the end of last year. It marks the latest milestone in the company’s plans to turbocharge the rollout of offshore wind globally to reduce fossil fuel reliance and boost energy security.

Floating foundations are used in areas with coastlines that are too deep for foundations that are fixed to the seabed. Around 80% of global offshore wind resources are located in deep waters.

The investment comes as governments across the globe have set ambitious targets for floating offshore wind. The UK alone is targeting 5 GW of floating offshore wind capacity by 2030.

Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Tech and innovation are fueling the energy revolution globally, so we’re always on the hunt for game-changing solutions that accelerate progress. Ocergy’s groundbreaking approach has the power to slash the costs of floating offshore wind – and with our investment they will get there faster, paving the way for cleaner, greener energy systems across the globe.”

Dominique Roddier, CEO of Ocergy, said: “At Ocergy we are incredibly enthusiastic about this collaboration with Octopus Energy Generation. It will empower us to scale up our operations and concentrate on delivering both pre-commercial and large-scale floating offshore wind projects. There are lots of synergies between Octopus' forward-thinking efforts in offshore wind and Ocergy's accomplishments to date - and we foresee significant boost in the bankability of our projects as a result.”