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Octopus invests in ‘world’s largest’ offshore wind farm

Octopus, Nest and GLIL will invest £400m in return of a 14.5% share of Hornsea One Offshore Wind Farm

Octopus has today announced it has invested £200 million in Hornsea One on behalf of the UK’s largest pension scheme Nest.

The company launched a joint venture with GLIL Infrastructure which is also investing £200 million.

The investment will allow companies to acquire a 12.5% stake in what is described as the “world’s largest” offshore wind farm.

The 1.2 GW Hornsea One Wind Farm is off the Yorkshire coast – it is estimated that its generation is enough to power more than a million homes.

The wind farm, operated by Ørsted features 174 wind turbines which are 190 metres tall, larger than the Gherkin building.

Stephen O’Neill, Nest’s Head of Private Markets commented: “Renewable energy sources have huge potential for long-term investors like Nest.

“Its desirability should only increase in the coming years and as the UK accelerates towards net zero we are confident Hornsea One will deliver inflation-beating returns and grow the money our members have invested.”

Zoisa North-Bond, Chief Executive Officer of Octopus Energy Generation, commented: “Harnessing the UK’s strong wind resources out at sea will help provide energy security and bring down energy bills.”

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