Octopus increases stake in Cork's Simply Blue with €27.5m investment

The Simply Blue Group is developing three projects in Ireland, a wave energy project off the Co Clare coast and twin 1.3GW offshore wind farms off the Cork and Clare coasts.

Cork offshore wind farm developer the Simply Blue Group has secured the additional financial backing of €25m from UK energy firm Octopus.

A further €2.5m has also been raised from other investors bringing the total investment to €27.5m. In August 2021, Octopus first invested €15m in Simply Blue taking a 24% stake in the Cork-headquartered firm founded by Sam Roch-Perks. This latest investment brings its stake in the firm to 38%.

Simply Blue has a pipeline of over 10GW of floating offshore wind projects across the globe. The company is developing three projects in Ireland, a wave energy project off the Co Clare coast and twin 1.3GW offshore wind farms off the Cork and Clare coasts. Each wind farm would have the potential to power 800,000 homes when developed.

Simply Blue was developing both wind farms in partnership with Shell but in September the energy giant announced it was withdrawing from the projects describing it as a portfolio decision. Simply Blue said it was progressing towards a new strategic partnership for the projects.

This investment announced today by Octopus was made on behalf of Octopus Renewables Infrastructure Trust (ORIT) and the Sky fund (ORI SCSp). Octopus manages over 3GW of renewable energy assets like wind and solar farms worth across 11 countries.

e-Fuels and energy parks

The investment will support Simply Blue's floating offshore wind projects and blue economy projects, such as the development of e-Fuels and energy parks.

Sam Roch-Perks, Group Chief Executive Officer, Simply Blue Group said the reinvestment by Octopus demonstrates the company’s support and the renewables sector. 

"With our strong pipeline of global projects, this investment will enable us to grow our pipeline even further and move forward with a range of international projects outside of floating offshore wind," he said.

Chris Gaydon, Investment Director at Octopus Energy Generation, said the floating offshore wind sector will 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.”