Octopus Renewables Infrastructure Trust (ORIT) has increased its stake in Simply Blue Holdings, the parent company of floating wind developer Simply Blue Group.
ORIT’s investment comes alongside an equal co-investment from another fund managed by Octopus Energy Generation, Sky, so that in total funds managed by Octopus Energy Generation combined will have a 38% stake in Simply Blue Group.
ORIT first invested in Simply Blue Group in August 2021 for a 12% stake and has invested a further €6.25m taking its ownership interest in Simply Blue Group to 15.5%*.
ORIT 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 19%.
ORIT chairman Phil Austin said: “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 Group has a development 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.
“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, added: “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.”