Simply Blue Group, a multinational developer of renewable energy projects, has secured strategic investment from the Japanese-owned Kansai Electric Power Company (Kepco), which will facilitate expansion of its large-scale offshore wind projects.
Kepco has signed a share subscription agreement with Simply Blue’s offshore wind development arm, marking its first investment involving management participation in an offshore wind developer. It will acquire a majority stake in Simply Blue Energy Offshore Wind Ltd through its wholly owned subsidiary, KPIC Netherlands BV.
The Cork-headquartered company is engaged in offshore wind projects across Europe and elsewhere, specialising in development from the early stages of project formation.
Simply Blue Group co-founder and chief executive Hugh Kelly said on Friday that Kepco support provided the resources needed to scale operations and advance offshore wind. “Together, we are poised to deliver significant contributions to the clean energy transition.
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“This investment will help further the development of our offshore wind portfolio in Ireland, supporting national renewable energy targets and strengthening our clean energy leadership.
“However, continued momentum now depends on timely Government action to unlock the full potential of these projects.”
Taoiseach Micheál Martin said the collaboration would help decarbonisation efforts in Ireland and elsewhere.
“Simply Blue has been a significant international actor in the fast-growing offshore renewable energy sector and this collaboration with Kepco will further bolster its capacity. Together they will help drive the transition from fossil fuels to clean energy, in Ireland and further afield,” he added.
Kepco executive vice-president Toru Kuwahara said they were honoured to form a partnership with “a developer possessing a pioneering spirit and extensive expertise in the field of offshore wind power”.
“We aim to further advance offshore wind development for both companies and contribute to achieving a carbon-neutral society,” he said. Their investment reflected the Japanese utility’s long-term vision “to ensure the sustainable, stable supply of clean energy worldwide”.
Through its offshore subsidiary, Simply Blue Energy is developing a significant renewable energy portfolio, including 8 gigawatts (GW) of floating offshore wind and 4GW of fixed-bottom wind projects across multiple markets.
It has two European projects; in Spain through the Iberblue Wind partnership and in Portugal, with the Creoula and Botafogo projects using innovative floating offshore wind technologies to produce zero-carbon electricity. It is also involved in another pipeline development as part of a joint venture in Greece with Archirodon, branded as ArcoBlue.
Through Octopus Energy Generation, it is engaged sustainable fuels project targeted at aviation and marine transport in Nova Scotia, Canada.
