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Octopus Renewables Infrastructure Trust PLC - London-based closed-ended investor in renewable energy assets - Invests an additional €6.3 million, or £5.5 million, into Simply Blue Holdings Ltd. Simple Blue is the parent company of the Simply Blue Group, an Irish developer of predominantly floating offshore wind projects. Says SBG has developed a pipeline of over 10 gigawatts of floating offshore wind projects to-date, primarily in the waters of the UK, Ireland and wider Europe as well as the US and Japan.
Chair Phil Austin says: "This latest investment highlights the strong potential ORIT sees in this sector. Simply Blue provides ORIT with additional diversification in the renewable technologies it covers, as it will enable us to tap into renewable energy generated in deeper waters, at stronger wind speeds and in different locations."
ORIT first Invested €7.5 million, or around £6.4 million, into Simply Blue in August last year. The investment, which is a co-investment alongside another fund managed by Octopus, entitles it to around a 12% stake in Simply Blue. Says it has agreed to provide a further investment of up to €6.25 million which is expected to be drawn in 2023, and which would increase ORIT's ownership interest to 19%.
Current stock price: 106.52 pence, up 0.1% on Thursday in London
12-month change: down 3.2%
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