UK group pays €15m for stake in Cork’s Simply Blue

CORK-BASED offshore wind energy developer Simply Blue has received a €15m investment from UK-listed Octopus Renewables Infrastructure, giving it a 24pc stake in the Irish group.
Simply Blue helps to develop floating offshore wind projects and has a pipeline of more than nine gigawatts of assets it’s currently working on. Those projects are primarily based in Irish and UK waters.
Simply Blue is headed by chief executive and co-founder Sam Roch-Perks. He has business interests in Europe and Asia. The other co-founder is Hugh Kelly, who is the group’s commercial director.
Among Simply Blue’s projects is a joint venture with French energy giant TotalEnergies, called Blue Gem Wind. The venture is developing a floating offshore wind portfolio in the Celtic Sea near Wales, including 96MW project called Erebus. Another major project is the Emerald Floating Wind Project off Kinsale in Co Cork.

Octopus has a diverse asset portfolio, with a capacity of over 2.8GW, making it the largest commercial solar investor in Europe and a leading investor in onshore wind.

Mr Roch-Perks said the investment by Octopus recognises Simply Blue as a “leading blue economy developer”. He said that Octopus’ investment gives it an “exciting entry” into the floating offshore wind sector. “Significantly, this investment will support and accelerate SBG’s international expansion outside of the UK and Ireland,” he added.

Other projects in Simply Blue’s portfolio include the planned Western Star development. It will feature a floating windfarm at least 35km from the cost of Co Clare, as well as a wave energy conversion array approximately 4km from the coast.In Scotland, it’s working on an up to 200MW offshore wind project, called Salamander. Located off the east coast of Scotland, Simply Blue is aiming to secure relevant support under government mechanisms in 2025.

“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,” said Octopus Renewables investment director Chris Gaydon.

Floating wind foundations are typically used in deep water where fixed foundations are not economically feasible, according to Simply Blue.
Lobby group WindEurope reckons that there could be as much as 150GW of offshore floating wind farms by 2050.

Source – The Irish Independent