Simply Blue Group has welcomed further financial backing of €25 million from funds managed by Octopus Energy’s generation arm, announced today. An additional €2.5 million has also been raised from other investors bringing the total investment to €27.5 million.
Simply Blue Group, headquartered in Cork, is an Irish blue economy project developer, developing pioneering projects in floating offshore wind, e-Fuels, wave energy and low-impact aquaculture. The group currently has a global pipeline of over 10GW of floating offshore wind projects.
The investment will support Simply Blue Group’s floating offshore wind projects and blue economy projects, such as the development of e-Fuels and energy parks.
This is the second round of funding from Octopus into Simply Blue Group, having announced a €15 million investment in August 2021.
This investment by Octopus was made on behalf of Octopus Renewables Infrastructure Trust (ORIT) and the Sky fund (ORI SCSp). Octopus manages over 3 GW of renewable energy assets like wind and solar farms worth £5bn spanning 11 countries.
Sam Roch-Perks, Group Chief Executive Officer, Simply Blue Group said: “We welcome the reinvestment by Octopus Energy Generation, which demonstrates the company’s support to Simply Blue Group 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.”
Chris Gaydon, Investment Director at Octopus Energy Generation, said: “The floating offshore wind sector will undoubtedly 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.”