Octopus Renewables Infrastructure Trust (ORIT) has invested €15 million (£12.6m) in the Irish floating wind developer Simply Blue Group (SBG).
The transaction will allow ORIT to become a 24% shareholder in SBG.
The investment, which is ORIT’s first in renewable energy developer, is expected to support SBG’s efforts to expand in Ireland, the UK and internationally.
SBG has developed a pipeline of more than 9GW of floating offshore wind projects to-date.
Chris Gaydon, Investment Director at Octopus Renewables, commented: “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.”
Sam Roch-Perks, Chief Executive of Simply Blue Group, said: “Octopus is an established and significant player in renewables and this investment gives them an exciting entry into the world of floating offshore wind.”