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Octopus Renewables increases interest in Simply Blue Group

By: Tom Russell 17/11/2022 Octopus Renewables Infrastructure Trust

Corporate Floating General

Octopus Renewables Infrastructure Trust plc has invested an additional €6.25 million (c.£5.5 million) into Simply Blue Holdings Limited, the parent company of the Simply Blue Group (SBG), an Irish developer of predominantly floating offshore wind projects.

ORIT first invested in SBG in August 2021 for a c.12% stake - and following this latest investment, ORIT's ownership interest in SBG has increased to c.15.5%. The Company has also agreed to provide a further investment of up to €6.25 million which is expected to be drawn in 2023, and which would increase ORIT's ownership interest to c.19%.

ORIT's investment comes alongside an equal co-investment from another fund managed by Octopus Energy Generation, Sky (ORI SCSp). In total, funds managed by Octopus Energy Generation combined will have a c. 38% stake in SBG.

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented: "Floating offshore wind development is a promising and exciting area of renewables that ORIT is helping to grow even further. This latest investment highlights the strong potential ORIT sees in this sector. Simply Blue provides ORIT with additional diversification in the renewable technologies it covers, as it will enable us to tap into renewable energy generated in deeper waters, at stronger wind speeds and in different locations."

Chris Gaydon, Investment Director at Octopus Energy Generation, commented: "The floating offshore wind sector will undoubtedly play a vital role in the clean energy system of the future. Just over a year after we first invested in Simply Blue, their development pipeline of floating offshore wind projects has grown significantly. Given falling costs, improving technology and growing investment, this area is going from strength to strength. We're right at the forefront of this innovative and fast-growing market, working with SBG to accelerate its growth and expand its development pipeline."

Headquartered in Cork, Ireland, Simply Blue has a current floating wind footprint of over 3.2 GW in development and a total project pipeline of over 10 GW. Further to Emerald and Western Star, Simply Blue's projects in development include the 96 MW Erebus and 300 MW Valorous projects off Wales, under the Blue Gem Wind joint venture with TotalEnergies. It is also developing the 200 MW Salamander project off Scotland with Subsea 7.

For information on floating offshore wind farms worldwide, click here.

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Octopus Renewables increases interest in Simply Blue Group

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