OCTOPUS ENERGY WIND FUND

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.