Cork offshore windfarm developer secures €15m expansion investment

The Simply Blue Group is developing the Emerald Floating Wind Project in the Celtic Sea off Kinsale with Shell

Simply Blue Energy, Emerald are proposing a Floating Offshore Wind Project off the Cork Coast

UK firm Octopus Renewables is taking a 24% stake in Cork renewable energy company Simply Blue Group (SBG) in a deal worth €15m.

The investment aims to accelerate SBG's expansion in Ireland, the UK and internationally. 

SBG is focused on marine projects focused on floating offshore wind. It has developed a pipeline of over 9GW of floating offshore wind projects to date, primarily in Ireland and the UK. It is developing the Emerald Floating Wind Project in the Celtic Sea off Kinsale with Shell, and the Blue Gem Wind portfolio of floating wind projects in the Welsh waters of the Celtic sea with TotalEnergies.

Octopus Renewables, which has made the investment through Octopus Renewables Infrastructure Trust plc (ORIT), as well as other funds managed by Octopus, is a specialist clean energy investor focused on accelerating the transition to a future powered by renewable energy. It has a portfolio of assets with a capacity of over 2.8GW. Last month it paid Stakraft €145m to acquire five solar farms in Dublin. 

"The investment by Octopus recognises SBG as a leading blue economy developer," Sam Roch-Perks, Chief Executive of Simply Blue Group said. 

"Significantly this investment will support and accelerate SBG’s international expansion outside of the UK and Ireland, utilizing the unique experience and skills gained from our pioneering developments in both the UK and Ireland."

"Octopus is an established and significant player in renewables and this investment gives them an exciting entry into the world of floating offshore wind.”

Chris Gaydon, Investment Director at Octopus Renewables said floating offshore wind is a particularly exciting renewable energy sector which is expected to undergo rapid growth in the coming years.

"It 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.”

SBG were advised in the transaction by corporate finance firm Green Giraffe and legal firm Field Fisher.

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