Octopus Renewables Infrastructure Trust plc is pleased to announce that it has invested €7.5m (c.£6.4m) into Simply Blue Holdings Limited, the parent company of the Simply Blue Group ("SBG"). SBG is a developer of sustainable marine projects focused on floating offshore wind.
SBG has developed a pipeline of over 9GW of floating offshore wind projects to-date, primarily in the waters of the UK and Ireland. With a background in marine development, SBG also has interests in wave energy and ancillary interests in sustainable aquaculture. SBG is headquartered in Cork, Ireland, with offices in the UK and the US.
ORIT's investment, which is a co-investment alongside another fund managed by Octopus Renewables Limited, entitles it to a c. 12% interest in SBG.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented:
"I am pleased to announce ORIT's first investment into a renewable energy developer, as well as our first investment in the fast-growing offshore floating wind sector. This investment will further diversify ORIT's potential to create capital growth and may in time bring opportunities to invest in construction-ready assets arising from SBG's development pipeline."
Chris Gaydon, Investment Director at Octopus Renewables, commented:
"We are delighted to be working with Simply Blue, a leading marine project developer with a highly experienced and best-in-class management team. Floating offshore wind is a particularly exciting renewable energy sector which is expected to undergo rapid growth over the years to come and is a key part of government decarbonisation plans in a number of European countries. We believe Simply Blue is very well positioned to capture this growth."
