UK's Octopus Energy launches $3.7 bln offshore wind fund with Tokyo Gas - Reuters
UK's Octopus Energy launches $3.7 bln offshore wind fund with Tokyo Gas | Reuters
UK's Octopus Energy launches $3.7 bln offshore wind fund with Tokyo Gas
Britain's Prime Minister Boris Johnson poses for photographs with a branded electric taxi as he visits the headquarters of Octopus Energy, in London, Britain October 5, 2020. Leon Neal/Pool via REUTERS/File Photo Acquire Licensing Rights
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LONDON, Nov 17 (Reuters) - Britain's Octopus Energy said on Friday its renewables investing arm had launched a dedicated fund with Japan's Tokyo Gas (9531.T) to invest 3 billion pounds ($3.7 billion) in offshore wind projects by 2030.
The Octopus Energy Offshore Wind fund, set up with a 190 million pound cornerstone investment from Tokyo Gas, will invest in offshore wind farms as well as companies creating new offshore wind capacity, with a focus on Europe, Octopus said.
The fund will look at both traditional offshore wind turbines and floating turbines.
"The potential to make a positive impact, boost energy security and reduce fossil fuels dependence is massive with offshore wind," said Octopus Energy Generation Chief Executive Zoisa North-Bond.
Octopus Energy Generation has said it plans to invest $20 billion in offshore wind by 2030, with an aim to boost energy security and reduce dependence on fossil fuels.
($1 = 0.8052 pounds)
Reporting by Sachin Ravikumar Editing by Mark Potter
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Related Knowledge Center: ENERGY BASICS: wind
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