Octopus invests in floating offshore wind developer with 9-GW pipeline

Image by Simply Blue Energy.

August 9 (Renewables Now) - Octopus Renewables Infrastructure Trust plc (LON:ORIT), or ORIT, has invested EUR 7.5 million (USD 8.8m) in the parent company of Ireland’s Simply Blue Group, a developer of floating offshore wind projects with an over 9-GW pipeline.

The UK company announced the investment into Simply Blue Holdings Ltd in a bourse filing on Monday. The move entitles it to a stake of around 12% in Cork-based Simply Blue.

Simply Blue’s pipeline of floating offshore wind projects is located in UK and Irish waters. Apart from offshore wind, the company is also engaged in wave energy and sustainable aquaculture projects.

“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,” said Phil Austin, chairman of ORIT.

According to the statement, another fund managed by ORIT’s investment manager Octopus Renewables Ltd has also invested in the target company.

(EUR 1.0 = USD 1.176)

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