Octopus Energy, a British company, has bought a stake in the East Anglia One windfarm

Octopus Energy, a British company, announced on Thursday that its Octopus Energy Generation division had purchased a 10% share in the East Anglia One Wind Farm, which is one of the largest operating wind farms in the world, supplying electricity to around 700,000 households a year.

The unit's fourth investment in an offshore wind farm in Britain and seventh in Europe, the financial terms of the deal were not disclosed.

Octopus Energy Generation has a portfolio worth around 5 billion pounds ($6.5billion) of renewable energy in Britain. It also has projects in other countries, such as Germany and United States.

The 714 Megawatt Wind Farm, located 43 kilometers (27 miles), off the coasts of England's eastern region, is made up of 102 turbines.

Octopus purchased the stake from Macquarie Asset Management for Vector, Octopus innovative offshore wind fund that invests in fixed- and floating-offshore wind, and pioneering technologies to reduce costs.

The UK is blessed with long coastlines and strong winds, which are ideal conditions for offshore wind. This sector has been a key part of the UK's energy system for many years. The investment will turbocharge the clean technology and bring cheaper, cleaner power to the people of the country.

Octopus plans to also participate in France’s offshore wind tender, and develop a brand new offshore wind farm with Skyborn Renewables.

The British Labour government lifted the ban on wind farms in England last year. It has set a target to decarbonise its electricity system by 2030, and plans to unblock infrastructure as it seeks a boost in renewable power capacity. Reporting by Marwa Rashed Editing by Mark Potter

(source: Reuters)