Octopus Renewables Infrastructure Trust has invested an additional €6.25m (about £5.5m) into Simply Blue Holdings Limited, the parent company of the Simply Blue Group, an Irish developer of predominantly floating offshore wind projects.
Octopus Renewables first invested in Simply Blue in August 2021 taking about a 12% stake. Following this latest investment, Octopus Renewables’s ownership interest in Simply Blue has increased to about 15.5%. The fund has also agreed to provide a further investment of up to €6.25m which is expected to be drawn in 2023, and which would increase Octopus Renewables’s ownership interest to about 19%.
Simply Blue has developed a pipeline of over 10GW of floating offshore wind projects to-date, primarily in the waters of the UK, Ireland and wider Europe as well as the US and Japan. With a background in marine development, Simply Blue also has interests in wave energy and ancillary interests in sustainable aquaculture, deep water ports and e-fuels.
Octopus Renewables’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 Simply Blue.
ORIT : Octopus Renewables ups stake in floating wind company