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    Octopus Announces Further Investment into Simply Blue Group


    November 17, 2022 - Gulf Oil & Gas

     

      Octopus Renewables Infrastructure Trust plc has invested an additional €6.25m (c.£5.5m) 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 €6.25m which is expected to be drawn in 2023, and which would increase ORIT's ownership interest to c.19%*.

      SBG 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, SBG also has interests in wave energy and ancillary interests in sustainable aquaculture, deep water 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 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."

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