Cork-based floating offshore wind developer Simply Blue Group has secured financial backing of €27.5m from funds managed by Octopus Energy's generation arm (€25m) and other investors (€2.5m).

The investments will support the 'blue economy' developer's floating offshore wind projects such as the development of e-fuels and energy parks. The group currently has a pipeline of over 10GW of floating offshore wind projects.

The €25m from Octopus is the UK energy suppliers second round of funding in Simply Blue Group after a €15m investment in August last year.

The investment was made on behalf of Octopus Renewable Infrastructure Trust (ORIT) and the Sky fund (ORI SCSp). Octopus manages over 3GW of renewable energy assets such as wind and solar farms worth £5bn in 11 countries.

Sam Roch-Perks, Group CEO of 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.

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"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.”    

Simply Blue previously partnered with Shell to develop the Emerald Project, a floating wind farm in the Celtic Sea off the south coast.

Photo: Simply Blue Group staff.