Octopus Renewables has invested €15m in Simply Blue Group (SBG), a developer of sustainable marine projects - to help accelerate its expansion in Ireland, the UK and internationally.
The transaction will see Octopus Renewables take a 24% stake in SBG.
SBG which is headquartered in Cork, is 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.
SBG 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.
Sam Roch-Perks, Chief Executive of Simply Blue Group said the investment by Octopus recognises SBG as a leading blue economy developer.
"Octopus is an established and significant player in renewables and this investment gives them an exciting entry into the world of floating offshore wind," he said.
Chris Gaydon, Investment Director at Octopus Renewables said they are delighted to be working with Simply Blue.
"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. We believe Simply Blue is very well positioned to capture this growth," he said.
