Investment in Floating Offshore Wind Developer

9 August 2021

LEI: 213800B81BFJKWM2JV13

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

Investment in Floating Offshore Wind Developer

Octopus Renewables Infrastructure Trust plc is pleased to announce that it has invested €7.5m (c.£6.4m) into Simply Blue Holdings Limited, the parent company of the Simply Blue Group ("SBG"). SBG is a developer of sustainable marine projects focused on floating offshore wind.

SBG has developed a pipeline of over 9GW of floating offshore wind projects to-date, primarily in the waters of the UK and Ireland. With a background in marine development, SBG also has interests in wave energy and ancillary interests in sustainable aquaculture. SBG is headquartered in Cork, Ireland, with offices in the UK and the US.

ORIT's investment, which is a co-investment alongside another fund managed by Octopus Renewables Limited, entitles it to a c. 12% interest in SBG.

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented:

"I am pleased to announce ORIT's first investment into a renewable energy developer, as well as our first investment in the fast-growing offshore floating wind sector. This investment will further diversify ORIT's potential to create capital growth and may in time bring opportunities to invest in construction-ready assets arising from SBG's development pipeline."

Chris Gaydon, Investment Director at Octopus Renewables, commented:

"We are delighted to be working with Simply Blue, a leading marine project developer with a highly experienced and best-in-class management team. 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. We believe Simply Blue is very well positioned to capture this growth."

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Notes to editors

About Octopus Renewables Infrastructure Trust

Octopus Renewables Infrastructure Trust plc is a closed-ended investment company incorporated in England and Wales focused on providing investors with an attractive and sustainable level of income returns, with an element of capital growth, by investing in a diversified portfolio of renewable energy assets in Europe and Australia.

Further details can be found at www.octopusrenewablesinfrastructure.com

About Octopus Renewables

Octopus Renewables is a specialist clean energy investor. Launched in 2010 its mission is to accelerate the transition to a future powered by renewable energy. It has a diverse portfolio of assets with a capacity of over 2.8GW, making it the largest commercial solar investor in Europe and a leading investor in onshore wind.

Octopus Renewables is also leading the next wave of renewables being built without government subsidies. There is a significant opportunity to unblock much needed investment by building bespoke portfolios of renewable assets at scale, across technologies and countries, to create better outcomes for our investors.

Further details can be found at www.octopusrenewables.com

About Simply Blue Group

Simply Blue Group is a leading blue economy developer focused on replacing fossil fuels with clean ocean energy. It develops pioneering blue economy projects - floating offshore wind, wave energy and low impact aquaculture, all in harmony with the oceans. The company has a pipeline of over 9GW of floating offshore wind projects to-date, primarily in the waters of the UK and Ireland. Simply Blue is committed to creating new economic opportunities for coastal communities, and to developing projects that co-exist with sustainable fisheries and marine conservation. Simply Blue believes in the power of the ocean to help decarbonise the world.

Further details can be found at www.simplyblueenergy.com 

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