Octopus Renewables has invested €15 million (£12.7 million) in an Irish renewables developer which specialises in floating offshore wind, leaving it with a 24 per cent stake in the company.
The company’s investment in Simply Blue Holdings, the parent company of Simply Blue Group (SBG), was made through Octopus Renewables Infrastructure Trust (ORIT) as well as another fund managed by Octopus Renewables.
SBG is a developer of sustainable marine projects focused on floating offshore wind and is headquartered in Cork. It has developed a pipeline of more than 9GW of floating offshore wind projects to-date, primarily in Ireland and the UK.
SBG is developing the Emerald Floating Wind Project in the Celtic Sea off Kinsale with Shell, and the Blue Gem Wind portfolio of floating wind projects in the Welsh waters of the Celtic sea with Total Energies.
ORIT invested €7.5 million (c.£6.4 million) into the company, entitling it to around a 12 per cent interest.
Sam Roch-Perks, chief executive of Simply Blue Group, said: “We are delighted to collaborate with Octopus Renewables and share their vision of a future powered by renewable energy. The investment by Octopus recognises SBG as a leading blue economy developer.
“Significantly this investment will support and accelerate SBG’s international expansion outside of the UK and Ireland, utilising the unique experience and skills gained from our pioneering developments in both the UK and Ireland.
“Octopus is an established and significant player in renewables and this investment gives them an exciting entry into the world of floating offshore wind.”
Chris Gaydon, investment director at Octopus Renewables, said: “We are delighted to be working with Simply Blue, a leading marine project developer with a highly experienced and best-in-class management team.
“Floating offshore wind is a particularly exciting renewable energy sector which is expected to undergo rapid growth over the years to come and is a key part of government decarbonisation plans in a number of European countries. We believe Simply Blue is very well positioned to capture this growth.”