The Nordics are at the forefront of European offshore wind activity, accounting for ~64% of the deals in the space in 2023. Notably, prominent private equity firms and oil and gas companies such as Shell, Ingka Group and Corio Generation have shown a strong interest in offshore wind development in Denmark and Norway. These nations offer the twin advantages of stable power prices and government-supported CfD-model initiatives, ensuring a secure long-term investment environment. Meanwhile, Baltic nations like Poland are introducing inflation-linked CfD programs, positioning themselves as an appealing alternative to mature markets. This shift reflects a strategic response to declining government support in those established markets and underscores the evolving landscape of offshore wind investments.
This trend was illustrated by Octopus Energy’s recent investment in Nordics-based Deep Wind Offshore. The acquisition will provide Octopus access to ~10 GW of offshore wind pipeline, which is expected to be operationalized by 2032. The deal marks Octopus’ entry into Norway and South Korea’s renewables markets and follows their announcement to unleash $20bn of investment into offshore wind globally.
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The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.