Octopus Energy, Nest And GLIL Invest £200 Million In Hornsea One

By Saur News Bureau/ Updated On Mon, Aug 8th, 2022

Highlights :

Octopus Energy Generation’s fund management group has invested £200 million in Hornsea One.
For a sum of £400 million, they have purchased a 12.5% share from Global Infrastructure Partners through a joint venture with GLIL Infrastructure, which is also contributing £200 million.
A £3.6 billion fund called GLIL makes infrastructure investments on behalf of pension funds.

Octopus Energy Generation’s fund management group has invested £200 million in Hornsea One. For a sum of £400 million, the company has purchased a 12.5% share from Global Infrastructure Partners through a joint venture with GLIL Infrastructure, which is also contributing £200 million. A £3.6 billion fund called GLIL makes infrastructure investments on behalf of pension funds.

The 1.2 GW Hornsea A wind farm off the coast of Yorkshire uses the abundant wind resources of the UK to produce green energy for over a million homes. Larger than the Gherkin skyscraper, its 174 wind turbines stand 190 m tall. Since 2020, rested has been in charge of running it.

The UK is the largest offshore wind market in the world, and offshore wind is a cornerstone of several European energy security initiatives. According to Carbon Brief, offshore wind is now more affordable than it has ever been, which will help lower energy costs.

Octopus Energy Group Raises Fresh Funds Totaling $550 million

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Octopus recently entered the offshore wind industry; this agreement is it’s third, and more are in the works. Following investments made by Octopus Renewables Infrastructure Trust (ORIT) in the Borssele V Offshore Wind Farm in the Netherlands, the Lincs Offshore Wind Farm in England, and floating offshore wind company Simply Blue.

Nest has hired Octopus to assist in its green energy investments. With this significant offshore wind project, they are strengthening their connection.

“Offshore wind capacity plays a big role in the creation of renewable energy, therefore the potential of what is being created here is huge,” said Daniel Hobson, Investment Director at GLIL Infrastructure and Head of Real Assets at Greater Manchester Pension Fund. “Our investment will not only continue our success in the renewable energy industry and help the UK’s energy transition and net zero goals, but it will also produce sustainable, long-term profits for millions of pension fund members.”