Octopus Renewables ups stake in floating wind developer Simply Blue

Octopus Renewables Infrastructure Trust (ORIT) has invested an additional €6.25m ($6.5m) into Simply Blue Holdings, the parent company of the Simply Blue Group (SBG), an Irish developer of sustainable marine projects focused on floating offshore wind.

ORIT first invested in SBG in August last year for about a 12% stake, and the latest investment will take ORIT’s ownership interest in SBG to some 15.5%. The Company has also agreed to provide a further investment of up to €6.25m which is expected to be drawn in 2023 and would increase ORIT’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. It also has interests in wave energy and ancillary interests in sustainable aquaculture, deepwater ports and e-fuels.

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 around 38% stake in SBG.

Phil Austin, chairman of Octopus Renewables Infrastructure Trust, 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.”