Octopus aims to build 10GW of offshore wind capacity by 2032, including 2GW in South Korea.
Deep Wind Offshore, founded in Norway, is backed by Norwegian shipping and energy companies, such as Knutsen OAS, Haugaland Kraft and Sunnhordland Kraftlag.
Octopus’ investment is expected to expedite Deep Wind Offshore’s growth and enhance its portfolio of fixed and floating offshore wind farms, potentially extending to other markets.
This move aligns with Octopus’ recent announcement of a $20 billion (£15 billion) investment in global offshore wind projects.
It also marks Octopus Energy Generation’s entry into the renewable energy markets of Norway and South Korea, bringing the total number of countries with Octopus projects to 15.
Zoisa North-Bond, Chief Executive Officer of Octopus Energy Generation, emphasised the immense potential of offshore wind and the importance of expanding the industry to lower costs and create a more reliable energy system globally.
Knut Vassbotn, Chief Executive Officer at Deep Wind Offshore, said: “The investments from Octopus and our connection to Norwegian municipalities ensures that we not only will provide abundant renewables, but also a foundation for the future growth across the North Sea.”