Octopus Renewables Infrastructure Trust plc has invested €7.5M (circa £6.4M) in Simply Blue Holdings Limited, the parent company of Simply Blue Group, the developer of floating offshore wind projects
Simply Blue Group has developed a pipeline of more than 9 GW of floating offshore wind projects to date, primarily in the waters of the UK and Ireland.
With a background in marine development, Simply Blue Group also has interests in wave energy and ancillary interests in sustainable aquaculture. Simply Blue Group is headquartered in Cork, Ireland, with offices in the UK and the US.
Octopus Renewables Infrastructure Trust’s investment – which is a co-investment alongside another fund managed by Octopus Renewables Limited – entitles it to a 12% interest in Simply Blue Group.
Octopus Renewables Infrastructure Trust chairman Phil Austin, said, “I am pleased to announce our first investment in a renewable energy developer, as well as our first investment in the fast-growing offshore floating wind sector.
“This investment will further diversify our potential to create capital growth and may in time bring opportunities to invest in construction-ready assets arising from Simply Blue Group’s development pipeline.”
Octopus Renewables investment director Chris Gaydon said, “We are delighted to be working with Simply Blue.
“Floating offshore wind is a particularly exciting renewable energy sector which is expected to undergo rapid growth and is a key part of government decarbonization plans in a number of European countries. We believe Simply Blue is very well positioned to capture this growth.”