Octopus Renewables investee sells 80% stake to Kepco
Octopus Renewables Infrastructure Trust PLC on Friday said its investee Simply Blue Holdings has signed a share subscription agreement with Kansai Electric Power Company Inc to acquire a majority stake in its offshore wind development arm.
The London-based investment company, which is focused on European and Australian renewable energy assets, said Kepco will acquire an 80% stake in Simply Blue Energy OSW Ltd.
Simply Blue is a renewable energy developer based in Cork, Ireland.
ORIT said the transaction follows the ‘recent carve-out of Simply Blue’s sustainable fuels business into a newly formed entity, Nova Scotia Fuels’.
In its announcement on Friday, Japan-based electric power company Kepco said it will acquire the stake through its wholly owned subsidiary KPIC Netherlands B.V.
Kepco said its investment will support SBE OSW to accelerate the ‘expansion of its offshore wind portfolio in Europe and beyond.’
ORIT said proceeds from the transaction will be used in part to repay the shareholder loan facility held by ORIT, with the residual value retained through ORIT’s ongoing minority interest in Simply Blue.
ORIT said the transaction ‘represents the next step in realising value from ORIT’s investment in Simply Blue Group’s platform business’.
Chris Gaydon, the co-fund manager of ORIT, said: ‘This is a solid outcome in what remains a challenging market for offshore wind developers. It reinforces our confidence in the Simply Blue team and reflects the strength of the partnership with Kansai who are ideally placed to move this platform forward.’
Shares in ORIT rose 0.3% to 60.30 pence on Friday afternoon in London.
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