Simply Blue Group has secured a strategic investment from Kansai Electric Power to scale its offshore wind plans.
The developer said Kansai has signed a share subscription agreement with its offshore wind business, Simply Blue Energy OSW.
Simply Blue said it marks Kansai’s first investment involving management participation in an offshore wind developer.
The company said Simply Blue Energy OSW is working on multiple offshore wind projects across Europe and elsewhere.
It added that Kansai’s backing will accelerate the expansion of the portfolio.
“This investment represents a pivotal moment for us at Simply Blue Energy OSW Ltd,” said Simply Blue Group co-founder and chief executive Hugh Kelly.
“The support from Kansai provides the strength and resources needed to scale our operations and advance our offshore wind initiatives,” said Kelly.
“Together, we are poised to deliver significant contributions to the clean energy transition,” he added.
“We are honoured to embark on a partnership with Simply Blue Energy, a developer possessing a pioneering spirit and extensive expertise in the field of offshore wind power,” said Kansai Electric executive vice-president Toru Kuwahara.
“Through this collaboration, we aim to further advance offshore wind development for both companies and contribute to achieving a carbon-neutral society,” he said.
Simply Blue Energy OSW will work closely with the Kansai Electric Power Group to advance offshore wind expertise, according to the companies.
The developer said the investment reflects Kansai’s long-term vision to support global clean energy deployment and a zero-carbon society.
An Taoiseach Micheál Martin said: “I very much welcome the announcement of a strategic investment in Cork-headquartered Simply Blue Group by Japan’s Kansai Electric Power Company (KEPCO).
“Simply Blue has been a significant international actor in the fast-growing offshore renewable energy sector and this collaboration with KEPCO will further bolster its capacity. Together they will help drive the transition from fossil fuels to clean energy, in Ireland and further afield. I wish them well in their new partnership”