November 17 (Renewables Now) - Octopus Renewables Infrastructure Trust Plc (LON:ORIT) on Thursday said it has spent EUR 6.25 million (USD 6.49m) to increase to about 15.5% its stake in Irish floating offshore wind projects developer Simply Blue Group.
The investor has also agreed to further boost its shareholding in the Cork-headquartered business to about 19% under similar terms in 2023, a statement said on Thursday.
Simply Blue has so far developed a pipeline of over 10 GW of floating offshore wind projects, mostly in the waters of the UK, Ireland and wider Europe as well as the US and Japan. The Irish company also has interests in wave energy and sustainable aquaculture.
Octopus Renewables first bet on Simply Blue in August 2021, investing EUR 7.5 million to secure a 12% shareholding.
“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,” said the UK firm’s chairman Phil Austin.
ORIT's investment manager is Octopus Energy Generation, which, following this new investment, now holds a total interest of around 38% in the Irish firm. This includes an equal co-investment by another one of its funds -- Sky (ORI SCSp).
(EUR 1 = USD 1.039)