Octopus Energy plans rapid increase in offshore wind spending

LONDON, Feb 27 (Reuters) - Renewables investor Octopus Energy Generation plans a rapid increase in investment in offshore wind power after spending $1 billion in less than a year.

The firm, part of Octopus Energy Group, said it has raised its stake in the 270 megawatt Lincs offshore wind farm off the east coast of England to 31% from 23.25%.

The Lincs wind farm comprises 75 wind turbines generating enough clean power for 240,000 UK homes every year. It has been running since 2013 and is operated by Ørsted.

Since entering the sector last year, Octopus Energy Generation has invested $1 billion in offshore wind. It said more investments are to come without specifying how much it planned to spend.

Britain has 11 GW of offshore wind capacity and the government plans to speed up planning approvals for offshore wind farms.

"There’s still huge untapped potential and strong investment appetite to scale this technology further to reduce our reliance on expensive fossil fuels," said Alex Brierley, co-head of Octopus Energy Generation’s fund management team.

Reporting by Nina Chestney; editing by Barbara Lewis

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