Octopus Renewables Infrastructure Trust has invested in floating offshore wind developer Simply Blue.
ORIT’s €7.5m investment, which is a co-investment alongside another fund managed by Octopus Renewables Limited, entitles it to an around 12% interest in the Irish company.
Simply Blue 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, it also has interests in wave energy and ancillary interests in sustainable aquaculture.
Simply Blue is headquartered in Cork, Ireland, with offices in the UK and the US.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, said: “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, added:
“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.”