Octopus Renewables has strengthened its position in the Irish energy market by purchasing a 24% stake in Simply Blue Group for €15 million. The move comes two weeks after Octopus Renewables Infrastructure Trust (ORIT) paid up to €145 million for a portfolio from Statkraft.
Simply Blue is a maritime project developer specialising in floating wind ventures in Ireland and the United Kingdom. Its headquarters are in Cork, and it currently has a pipeline of more than 9GW of floating offshore wind projects. Current projects include Shell’s Emerald Floating Wind venture in the Celtic Sea off Kinsale and TotalEnergies’ Blue Gem Wind portfolio of floating wind turbines in Welsh seas of the Celtic Sea. This funding is expected help Simply Blue to accelerate its worldwide development outside of Ireland and the United Kingdom. The company intends to enter a variety of areas, including the United States.
Meanwhile, Octopus Resources is one of Europe’s leading owners and managers of renewable energy assets. It manages more than £3.4 billion in assets for clients, with a total portfolio capacity of 2.8GW.