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Press Release

Fieldfisher LLP advises Simply Blue Group on further investment from Octopus Energy Generation

17/11/2022

Locations

Ireland

Fieldfisher's Corporate and Renewables team, led by Feilim O'Caoimh, advised long standing client Simply Blue Group on a deal announced today which sees them welcome further financial backing of €25 million from funds managed by Octopus Energy’s generation arm. 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, a transaction which the Fieldfisher team had also advised on.

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. They were advised by Matheson.

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.”

Referencing Fieldfisher's role, Head of Corporate and Renewables Feilim O'Caoimh said: "We were delighted to assist Simply Blue Group in securing this investment, particularly having been involved in bringing the original Octopus investment over the line last year".

The Fieldfisher team who advised on the deal alongside Feilim were Elaine Traynor (Partner), Jamie Woodcock (Associate) and Ciara Cornyn (Trainee Solicitor).
 

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